New York on Business Facilities Online

NEW YORK Fast Facts

• Population (2008): 19,490,297
• Largest Cities (2008): New York, 8,363,710; Buffalo, 270,919; Rochester, 206,886; Yonkers, 201,588;
   Syracuse, 138,068
• Targeted Industries: Tourism, Distribution, Electronics, Industrial Machinery, Media Services, Finance
• Key Incentives: Empire Zones, Power for Jobs, Investment Tax Credit, Brownfield Cleanup, Empire State Film
   roduction Credit
• GDP (All Industry 2008): $1.1 trillion*

*Bureau of Economic Analysis, U.S. Department of Commerce

NEW YORK State Incentives

The Empire State Economic Development Fund (EDF) and Jobs Now Program helps businesses build new facilities, modernize existing plants and equipment, or meet training needs. The EDF and Jobs Now programs can be accessed through regional offices and the Strategic Business Division. The regional offices and the Strategic Business Division also provide assistance in understanding and making available Empire Zone benefits, which can reduce or eliminate major taxes in situations where companies are creating new jobs.

A key element of New York State's high-tech investment is the Centers of Excellence Initiative. The five centers, located at leading universities throughout the state, represent a collaborative effort between New York State, the academic community, private venture capital companies, and other private and public sector parties. The centers' mission is to promote rapid commercialization of scientific breakthroughs and create jobs.

The Manufacturing Assistance Program offers enhanced financial assistance to New York State manufacturers undertaking projects to significantly improve the output, productivity, and competitiveness of their New York operations. The program is open to manufacturers employing between 50 and 1,000 and provides grants of up to $1 million.

The Linked Deposit Program provides eligible New York businesses with reduced-rate loans to improve performance and competitiveness. The program is overwhelmingly focused on small businesses, with 97% of loans going to businesses employing 100 or less. The Linked Deposit Program has helped create and retain nearly 42,000 jobs.

The Small Business Technology Investment Fund (SBTIF) provides start-up high-tech companies throughout New York State with a course of venture capital financing. The fund makes early stage equity and debt investments in companies that have developed new innovative technology products or services that provide a significant competitive advantage, and possess a strong, well-protected intellectual property position.

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