By Assemblyman Al Stirpe
New York state is home to a number of industries that play a vital role in our economic stability, but with the business climate constantly changing, it’s important that we continue to search for new ways to help companies succeed.
Recently, the Empire State Development Corporation launched the Global NY Fund, an initiative designed to help small- and medium-sized businesses develop their export capacity by providing funding to assist them with services like market planning, website translation, product adaptation and market certification.
Businesses can now apply for grants of up to $25,000 to help begin or grow their global exports. They can also apply for loans of up to $500,000 to purchase the equipment and inventory they’ll need to tap into foreign markets, benefiting those that are unable to access traditional lines of credit. In addition, the initiative funds grants of up to $50,000 to support nonprofit organizations that provide export assistance and trade education to local businesses.
As chair of the Assembly Subcommittee on Export Trade, I’ve made it a priority to tackle this issue by trying to find ways to help owners and employees gain the skills and knowledge they’ll need to improve and increase their exports. That’s why I held a number of roundtables last year to identify and address the barriers facing local businesses. Time and again, owners named access to national and global trade as a significant factor in determining their company’s long-term success.
Canada is currently New York’s best customer with cities like Montreal and Toronto close by. Earlier this year, I met with Vikas Sharma, consul of the Foreign Policy and Diplomatic Service division of the Consulate General of Canada in New York State, to discuss how to give our state’s industries a foot in the door of international trade.
Expanding trade initiatives and keeping open lines of communication with our neighbors are good first steps, but there’s still more that can be done. As we move ahead with this year’s legislative session, I look forward to continuing my work with local business owners and community leaders to encourage statewide economic growth.
For more information on Global NY, visit global.ny.gov. If you have any questions or concerns regarding export trade or any community issue, contact me at [email protected] or by calling 452-1115.
