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Up to $500,000 for New York businesses to enter global marketplace

Staff writer ▼ | March 30, 2016
Governor Andrew M. Cuomo announced the launch of the Global NY Fund Tour – a series of informational sessions to inform small- and medium-sized businesses and non-profits about new resources available to support international export efforts.
Kathy Hochul
Empire State   Global NY Fund Tour
Lieutenant Governor Kathy Hochul joined state officials who detailed the new $35 million Global NY Fund and answered questions from participants.

“This program makes it easier for businesses across the state to find new opportunities to grow in markets around the globe – which helps them thrive and create jobs here at home,” said Governor Cuomo.

“I’m proud that our administration is helping New York’s private sector compete beyond our borders, and I look forward to seeing more of our state’s businesses succeed on the international stage.”

"The Global NY Fund is opening doors for companies in the Capital Region and across the State so they can more easily access the global marketplace," said Lieutenant Governor Kathy Hochul.

"I strongly encourage any company interested in international trade to explore how the state's no-cost one-stop shopping services can help you grow."

ESD is working in partnership with lenders to extend financing to New York State companies seeking to create or expand direct exports, or to serve as suppliers to larger exporters.

Through the program, loans of up to $500,000 are available for companies to purchase equipment and inventory needed to deliver on export-related contracts and provide working capital to support foreign accounts receivable. The program benefits businesses unable to access traditional credit markets, and will leverage tens of millions in export financing for New York State companies.

Additionally, interest-free loans of up to $50,000 will be available for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale.

ESD is also providing grants of up to $25,000 to help companies start exporting or increase their global exports.

For example, grants may be used for market customization, participation in trade shows/missions, export workshops, and product adaptation to meet foreign regulatory requirements.

Grants of up to $50,000 are available to non-profit organizations that provide export assistance and trade education to New York State companies.