Latest Upstate Downstate Funds News

Due to limited availability of funds caused by the significant responses for Upstate Regional Blueprint and Downstate Revitalization Funding, applications for future funding are now being accepted on a rolling basis. Please contact your ESD Regional Office for more information.

ESDC believes that all projects are important to the businesses and communities where they are located, however given the fiscal challenges facing New York State, priority will be given to business track projects for the allocation of the remaining program funds.

 

Program Purpose
New York’s Upstate Regional Blueprint Fund (“Upstate Fund”) and Downstate Revitalization Fund (“Downstate Fund”) seek to promote economic development by financing capital investment in New York State.  Although funding is offered prior to the start of the project as an incentive to undertake the project, funds generally are disbursed as reimbursement for expenses already undertaken. 
 
The Upstate Fund and Downstate Fund were enacted in 2008, with the first round of awards being announced in October 2009.  The two Funds are largely similar with regard to purpose and use, but are distinct with regard to geography between the Upstate and Downstate regions.

 

Program Highlights

Available funding for the two Funds is as follows:
    Upstate Fund:  $120 million
    Downstate Fund:  $35 million

Funds are allocated in three “Tracks,” as follows:
    Business Investment Track (operating businesses)
    Infrastructure Investment Track (place-based investments)
    Downtown Redevelopment Track (place-based investments)

There are three forms of assistance:
    Subsidized Loans
    Convertible Loans
    Grants

Fund assistance parameters:
    Minimum assistance level: $100,000
    ($250,000 for Subsidized Loans)

    Maximum assistance level: $5 million
    (Fund assistance not to exceed 20% of the project budget)

    Applicant to provide a minimum 10% equity contribution
    (May not be funded by borrowing against any item in the project budget)

    Funds may be used for acquisition, hard costs and project-related soft costs
    (Acquisition and soft costs are eligible only to the extent they do not exceed 25% of the total project costs)

    Funds may not be used for operational expenses, working capital, refinancing, training, or residential projects.

 

Eligibility
A wide range of entities are eligible to apply for assistance, including but not limited to:

• for-profit businesses
• not-for-profit corporations
• business improvement districts
• local development corporations
• public benefit corporations (including industrial development agencies)
• economic development organizations
• research and academic institutions, incubators
• technology parks
• municipalities
• counties
• regional planning councils
• tourist attractions
• community facilities

 

Start-up companies generally will not be funded.  Applicants under the Business Investment Track generally should have an operating history of at least three years. 

Application Process

• Applicants may submit a request to fund a specific project under only one of the three Tracks at a time.
• A single applicant can apply for multiple projects. 
• Applications will be scored competitively and applications under each Track will be scored separately. 
• Funding requests for Business Investments will be considered on a rolling basis and funding requests for Infrastructure Investments and Downtown
• Applicants may request only one form of assistance at a time. 
• An original and five (5) copies of the completed application must be submitted to the ESD regional office.
• Applicants to the Fund may apply for and receive funding from multiple ESD-controlled and -affiliated sources – even for the same project. 
• Applicants must always disclose whether they are pursuing or intend to pursue multiple ESD funding sources, including loans, grants and tax incentives.

Click here for the Application Process and Fees.

Selection Process

ESD intends to award assistance as follows:
o        Largest amount of assistance will be in the form of subsidized loans
o        Next largest amount of assistance will be in the form of convertible loans
o        Least amount of assistance will be in the form of grants

The scoring system has been set accordingly for requests, on a scale of 110 points:
o        Subsidized Loans are eligible for up to 110 points
o        Convertible Loans are eligible for up to 100 points
o        Grants are eligible for up to 95 points

ESD will make best efforts to notify applicants within two months of receipt of a complete application or the application deadline.

ESD reserves the right to make or deny awards based on different terms and amounts than contained herein or contained in the guidelines.

 

Contact Information
Contact your ESD Regional Office prior to submitting an application.

 

Additional Resources
Program Guidelines
Upstate Regional Blueprint Fund – Round 1 Awards
Downstate Revitalization Fund – Round 1 Awards