Governor David A. Paterson announced late last week that $120 million will be made available from Upstate Regional Blueprint Fund for grants to finance business investment, infrastructure upgrades and downtown redevelopment. Paterson believes the fund will support projects that help provide a framework for future growth in regions with stymied development. The Blueprint Fund will be administered by Empire State Development (ESD). Applications due June 15, 2009; Awards will be announced August 17, 2009
According to a press release from the Governor’s office: “The Fund will invest in projects that advance local development and small businesses, for instance making improvement to industrial parks and providing loans for purchase of equipment, real estate or other needs. Eligible applicants include municipalities, businesses, academic institutions, and non-profits and awards will range from $100,000 to $5 million. The program will give a preference to requests for loans, with principal repayments able to be recycled for future projects.”
To ward off corruption, all applications will undergo a competitive review process by ESD’s Regional Office Directors, with the support of the central ESD. Requests for business investment assistance will be reviewed on a rolling basis, and requests for infrastructure and downtown redevelopment assistance will follow a quarterly calendar, with the first round of applications due June 15, 2009, and awards announced August 17, 2009.
Upstate Regional Blueprint Funds application forms are posted on Empire State Development’s Web site at www.nylovesbiz.com. ESD is New York’s primary economic development agency which also oversees the state’s “I LOVE NY” marketing campaign.