A road tour promoting state stipends for New York companies looking to expand abroad is coming to Bethpage.
The Global NY Fund Tour is a series of informational sessions scheduled in each of New York’s 10 economic-development regions, designed to inform small- and medium-sized businesses and nonprofits about the new $35 million fund and other available resources.
The tour, which kicked off Wednesday with a press event at an Albany hotel, is slated to hit Bethpage May 2, with a presentation beginning 8:30 a.m. at the Long Island Forum for Technology’s Morrelly Center. On the agenda: Information about loan and grant opportunities for companies attempting to create or expand direct exports, or to serve as suppliers for larger exporters.
The Global NY Fund makes it easier for New York businesses “to find new opportunities to grow in markets around the globe,” helping them “thrive and create jobs here at home,” Gov. Andrew Cuomo said in a statement.
Through the fund, Empire State Development, Albany’s main economic-development agency, is partnering with lenders to extend loans of up to $500,000 to companies looking to purchase equipment or inventory needed to secure export-related contracts. The program specifically targets businesses “unable to access traditional credit markets,” according to Cuomo’s office.
The fund will also float interest-free loans of up to $50,000 to businesses in the distilled and fermented-beverage industries “to promote New York States thriving beverage industry on a global scale,” the governor’s office said.
Empire State Development is also providing grants up to $25,000 through the Global NY Fund to help companies initiate or increase global exports, including funds for participation in international trade shows and compliance with foreign regulatory requirements. Grants up to $50,000 are available for nonprofit organizations providing “export assistance and trade education” to New York companies, the governor’s office said.
The state is enlisting federal help to spread the word on exporting opportunities. Susan Sadocha, director of the U.S. Commerce Department’s Long Island Export Assistance Center, said her office has been asked to participate in the May 2 presentation.
How her office will contribute is yet to be determined, Sadocha noted, but the assistance center – commonly referred to as the U.S. Commercial Service, which includes 100-plus assistance centers around the country and agents around the globe – is happy to promote the state fund.
“We’re very excited to partner with Empire State Development on this program,” Sadocha told Innovate LI. “We have some services that will really help encourage Long Island companies to go after those grants and awards.”
Regional companies that miss the May 2 presentation can try again May 11, when the Global Fund NY Tour rolls into the Barclays Center in Brooklyn, also at 8:30 a.m.
More information on the tour, including other scheduled stops around the state, is available at global.ny.gov.