Assemblyman John Ceretto, R-I-Lewiston, today expressed his support of Innovate NY, a startup equity fund designed to promote job creation, increase growth in entrepreneurship and spur economic development throughout the state. The program, which Ceretto helped pass this year, was signed into law by Gov. Andrew Cuomo yesterday.
"With the national and state economies struggling to improve and unemployment remaining high, lawmakers must promote policies that will help create jobs and make New York a more affordable and attractive place to do business," said Ceretto. "This type of economic development program is the support our small businesses need to create jobs and put Western New Yorkers back to work."
Administered by Empire State Development, the Innovate NY fund would allocate $25 million to economic development and technology-development organizations, research universities and investment funds that focus on investments in new businesses.
"By tapping into Western New York's innovative and skilled work force, this program will help grow the type of long-term private sector jobs that will become the pillars of our economic revitalization," said Ceretto. "The Innovate NY Fund will provide technology firms with capital to invest in the innovations that are the key to real and lasting economic growth."
The application process to receive part of the $25 million has yet to be determined. To learn more about the Innovate NY Fund, visit Empire State Development's website, www.esd.ny.gov, or call Ceretto's office at 716-282-6062.