New York Direct Financial Incentives 2010
New York's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include Empire State Development, Industrial Development Agencies, Environmental Assistance, the New York Empowerment Zone (NYEZ), and the Procurement Assistance Program.
Area Development Research Desk (Feb/Mar 10)
Empire State Development, New York State's primary agent for economic development, provides a variety of assistance aimed at helping businesses; whether it is an international company looking to make a move or a small business owner wanting to access capital.
The organization, with co-headquarters in Albany, Buffalo and New York City, is supported by a network of additional ESD locations throughout the state and around the world. ESD's services include:
Conducting targeted corporate outreach to companies in key industry clusters while providing retention, expansion and attraction services to the State's largest and most important employers.
Providing hands-on technical assistance to help businesses, big and small, meet their goals.
Helping companies identify the financial assistance that will most benefit their business. This includes direct loans, loan guarantees and grants that can help companies reduce the costs of undertaking a job creation or retention project in the State.
Examples of ESD financial assistance programs include:
Loans & Grants:
Entrepreneurial Assistance Program (EAP)
Environmental Investment Program (EIP)
Global Market Export Services (GEMS)
Industrial Effectiveness Program (IEP)
Manufacturing Assistance Program (MAP)
Upstate Regional Blueprint & Downstate Revitalization Funds
Brownfield Cleanup Program
New Markets Tax Credits
Other Financing and Technical Assistance:
Export Marketing Assistance Service (EMAS)
Governor's Office for Motion Picture & Television Development
Linked Deposit Program (LDP)
New York Empowerment Zone (NYEZ)
Procurement Assistance Program
To find out which programs and incentives can best meet business needs, please contact the nearest ESD Regional Office or visit www.esd.ny.gov
Industrial Development Agencies:
A major source of financial assistance to businesses is the many local industrial development agencies (IDAs) authorized under Article 18A of the general municipal law. There are 114 IDAs covering every area of the state. 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:
Senior Vice President of Business Development
Empire State Development
633 3rd Avenue, 36th Floor
New York, NY 10017
(212) 803-3616/1 800-STATE-NY
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.