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State Program Awards Grants to Spur Manufacturing Investments By Jeffrey Boyce Manufacturing is vital to New York State, employing about 10 percent of the total workforce. It remains one of our most important sources of creativity, innovation and productivity. Manufacturing is indeed an engine that drives economic growth and a higher standard of living.
MAP encourages manufacturers to invest in new and more productive technologies to enhance their overall competitiveness. In addition to underscoring the importance of New York's manufacturing sector, MAP structures funds to assist businesses to more effectively compete in the global marketplace and better safeguards jobs for New Yorkers. New York state manufacturers eligible for MAP funding must employ 50 to 1,000 workers and export at least 30 percent of their production beyond the immediate region, or supply at least 30 percent of their production to a prime manufacturer that exports beyond the region. Eligible projects must include investments of at least $1 million to solidly improve the productivity and/or competitiveness of a manufacturing operation. This can be manifested in new machinery and equipment purchases; building and infrastructure improvements; changes in manufacturing process or layout; increased market share; resource conservation; pollution prevention or worker training. As for employment requirements, MAP stipulates that applicants commit to retain 85 percent of their current workforce for a five-year project period. New job creation is not required, but most MAP-funded projects have also added jobs. MAP projects are evaluated based upon the magnitude of quantifiable improvements in productivity and their overall value to the competitiveness of the manufacturer, the amount of private investment leveraged and the economic impact of the manufacturer within the regional economy. Through the Manufacturing Assistance Program, Empire State Development has funded a diverse range of manufacturing initiatives in nearly every region of the state. Grant awards to date have totaled nearly $13 million and have leveraged corresponding facility investments of approximately $460 million. These investments have dramatically improved the competitiveness of New York manufacturers and ultimately enhance the business environment and quality of life for all who live and work in the Empire State. In addition, MAP-funded projects are projected to create 420 new jobs and support 6,388 existing jobs. Numerous other projects are currently under review. For more information on the Manufacturing Assistance Program, contact Jeffrey Boyce, Assistant Deputy Commissioner for Manufacturing Services, at 518-292-5340, visit www.nylovesbiz.com, contact an ESD regional office or call 1-800-STATE-NY. |
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New York Business Development Corporation (NYBDC) Empire State CDC: The 504 Company Statewide Zone Capital Corporation (SZCC) Corporate Headquarters: 50 Beaver Street, Albany, NY 12207 1-800-9-BDC-504 · www.nybdc.com Our Success is Your Success - The process is easy; the possibilities are endless. |
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