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New Micro Programs To Award Capital Grants To Support Craft Beverage Manufacturers & Nonprofits
BUSINESS NEWS
Round XIII of the Regional Economic Development Council Initiative has opened.
Round XIII includes core capital grant and tax-credit funding combined with a wide range of programs from 10 State agencies, including $150 million in grant funds from Empire State Development, available to projects on a continuous basis.
The Councils are encouraged to support projects that advance or address strategic State priorities – including green buildings and sustainable development, childcare, distressed communities, and innovative public-private partnerships; those projects, will be eligible for additional award funding.
Two new micro programs will award capital grants to support New York State craft beverage manufacturers and non-profit organizations, and a new $30 million Challenge competition will award $10 million to up to three regions to implement creative solutions to tackle persistent barriers to economic growth. Also, for the first time since 2015, the Councils will be tasked with updating their strategic regional economic development plans.
“Our Regional Economic Development Council Initiative continues to transform communities across the state, creating jobs and driving private investment all over New York,” Governor Kathy Hochul said. “The launch of this latest round builds on state efforts to address our most pressing economic priorities — from sustainable development to the growing demand for childcare — all while empowering communities to tap into their regional strengths.”
The 10 REDCs are guided by their regional strategic economic development plans, which emphasize each region’s unique assets and provide strategies to harness local resources to stimulate regional economic development and create jobs Statewide.
As part of the updated strategic plan, the Councils will be tasked with analyzing specific challenges to economic growth. These proposals will be reviewed by the State and up to three winning proposals will be awarded up to $10 million funding to implement the proposed solutions.
Consolidated Funding Application
The Regional Councils will score projects submitted through the Consolidated Funding Application (CFA), the State’s single application for State resources, which include programs from numerous agencies. It is designed to give project applicants expedited and streamlined access to a combined pool of grant funds and tax credits from dozens of existing programs. This year, funding is available from 10 State agencies across 30 programs. Regional Councils will review projects and provide scores that reflect how well a project aligns with a region’s goals and strategies.
Up to $5 million will be available through the Craft Beverage Micro Grant Program, aimed at increasing production capacity, business infrastructure, and profitability of businesses licensed to produce wine, beer, spirits, hard cider and mead in New York State. Grants ranging from $25,000 to $50,000 will support equipment purchases and facility upgrades.
Up to $5 million will be available through the Not-for-Profit Capital Grant program, which will award matching funds grants to not-for-profit organizations that provide economic and community benefits in their region to assist with facility improvements and upgrades. Grant awards would range from $25,000 to $100,000.
The 2023 REDC Guidebook and a list of additional resources available to REDC Members are accessible here. The deadline for applications is Friday, July 28 at 4 p.m. Open enrollment programs are not subject to the July 28 deadline and will continue to accept applications on an ongoing basis until funds are exhausted.
To date, through the REDC Initiative, more than $7.7 billion has been awarded to more than 9,500 job creation and community development projects.
