$750,000 federal award will support investments in high-growth start-ups
Congressman Brian Higgins announced Launch NY will receive $750,000 in federal funding through the U.S. Economic Development Administration’s “Build to Scale” program. The funding will benefit Launch NY’s #InvestLocal program, a catalyst for quality job growth and local economic opportunity.
In a letter of support for Launch NY’s application, Higgins wrote, “Launch NY proposes to use this funding to recapitalize and expand their existing and successful programs to boost entrepreneurship and job growth in underserved communities. … They have a demonstrated track record of meaningful accomplishment in the assistance of new and small businesses.”
Marnie LaVigne, Ph.D., president and CEO and fund manager of Launch NY, said, “Funding from EDA has played a vital role in Launch NY being able to serve startup companies by building the most active seed fund in New York state. Now this new award will drive expansion of Launch NY’s entire suite of #InvestLocal financing programs, with a goal to grow well beyond its current 250 accredited investors in fueling local entrepreneurs.”
Launch NY was one of just 51 awardees across the nation, chosen from over 180 applications, and one of 19 recipients under the Capital Challenge grant program. The federal award, along with a local match, will make $1.5 million in seed funding available to innovative start-up companies in the upstate New York region – projected to leverage an additional 30-times that investment in capital from private funders.
In March, Higgins hosted Assistant Secretary Alejandra Castillo, who heads the EDA, at a roundtable in Buffalo with Western New York business and community stakeholders, including Launch NY, to explore ways to promote economic opportunity in underserved communities.