The U.S. Department of the Treasury has awarded $9.4 million to Empire State Development in New York to bolster small business growth in the semiconductor and microelectronics sectors. This funding, part of the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP), is complemented by $1.5 million in matching funds from Empire State Development.
U.S. Deputy Secretary of the Treasury Wally Adeyemo stated, “With this funding, New York will help entrepreneurs across the state access capital and scale their operations in these critical industries that are key to strengthening our supply chains and national security.”
National Economic Advisor Lael Brainard added, “Today’s announcement to fund critical small business technical assistance programs will help ensure that more small businesses can thrive, as part of the Biden-Harris Administration plan that is powering a small business boom with a record 19 million new business applications so far.”
Deputy Secretary of Commerce Don Graves highlighted the potential impact on upstate New York: “This investment enables the NY SMART-I Corridor Tech Hub to facilitate greater access to the credit, capital and opportunity that small and minority-owned businesses need to seize these opportunities to grow and thrive.”
New York Governor Kathy Hochul emphasized New York's leadership role: “This $9.4 million investment from the State Small Business Credit Initiative will be critical as we work to connect underserved and very small businesses with the resources they need to succeed.”
U.S. Senator Chuck Schumer remarked on efforts along the I-90 Tech Hub: “This major $9.4 million in federal funding will help provide critical technical assistance to small businesses across Upstate NY who want to grow in the semiconductor industry but can’t do it alone.”
U.S. Senator Kirsten Gillibrand commented on economic benefits: “It will strengthen our economy and cement New York’s reputation as a global leader in semiconductor manufacturing and innovation.”
Empire State Development President Hope Knight noted, “US Treasury’s award enables ESD to expand the economic opportunities created by Upstate’s booming semiconductor sector to small businesses in underserved communities through our innovative Semiconductor Growth Access Program.”
The Semiconductor Growth Access Program (SGAP) aims at supporting very small and underserved businesses with targeted technical assistance focusing on legal, financial, and accounting services. The program will also include regular meetings, workshops, and create a shared regional purchasing roundtable for participating businesses.
Partners involved include NY SMART I-Corridor Tech Hub, Mohawk Valley EDGE, and Capital Region Center for Economic Growth.
The American Rescue Plan Act reauthorized SSBCI with nearly $10 billion allocated nationwide for supporting small businesses.
