New York Direct Financial Incentives | Area Development Online

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New York Direct Financial Incentives

Area Development Online Research Desk (Feb/Mar 09)

Empire State Development Corporation programs:
New York State offers a variety of financing programs to help for-profit business and industry locate new facilities and expand and/or modernize their existing operations, thereby preserving or creating job opportunities for the people of New York State. Generally, this assistance is available for the acquisition of land and buildings or machinery and equipment; construction or renovation of buildings to house business operations, including leasehold improvements; construction or improvement of the infrastructure required for the location or expansion of an eligible for-profit business; working capital; and training assistance.

Assistance to implement any of these activities may be made available through the following types of programs:
• Direct loans to business for a portion of the cost of the project to be implemented
• Grants to business for fixed capital investments, job creation, and training
• Interest rate subsidies to reduce the cost of borrowing from private- or
public-sector financial institutions, in the form of a grant or linked deposit with the lending institution
• Loans and grants for working capital assistance in specialized situations
• Infrastructure assistance in the form of a loan and grant combination for a portion of the cost of the infrastructure project to be implemented
• Grants and loans to provide or improve access to industrial or agricultural facilities through funding for highway and bridge improvements

Most types of businesses are eligible for one or more of the types of assistance outlined above, including manufacturing, service, warehouse and distribution, research and development, tourism destination, and minority- and womenowned businesses performing on government contracts. Empire State Development will supply all details regarding eligibility, funding availability, and the application process.

Industrial development agencies:
A major source of financial assistance to businesses are the many local industrial development agencies (IDAs) authorized under Article 18A of the general municipal law. There is an IDA for New York City; every county outside New York City; and 58 other cities, towns, and villages. IDAs carry out a variety
of economic development functions in their respective localities, including any of the following: owning and operating industrial parks, administering revolving loan funds, administering state and federal economic development grants, and issuing bonds to finance projects. IDAs are often able to confer the benefits of their tax-exempt status to the projects they assist.

New York State Contact:
Warner Johnston
Empire State Development
633 Third Avenue
New York, NY 10017
800–STATE–NY
(212) 803-3740

Incentive and tax information is provided to Area Development by each state’s economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.