Assemblyman Ed Ra (21st Assembly District) today applauded the signing of Innovate NY, a startup equity fund designed to support innovation, job creation, and increase growth in entrepreneurship throughout the state. Ra reiterated his commitment to working for a stronger Long Island, which includes a sustainable private sector that promotes jobs and growth in small businesses.

“Innovate NY is a program which signals Albany continues to be serious about New York opening up for business,” said Ra. “I continue to work tirelessly on behalf of small businesses in our community to develop pro-growth policies that will create jobs, support innovation, and most importantly, engage our younger generation in entrepreneurship so that we can retain our talent and human capital.

“The key to Long Island’s economic recovery is dependent on how lawmakers support policies that allow for the continued economic growth in the future. This economic development program is the support our small-business job creators need today and in the future.”

Administered by Empire State Development (ESD), the Innovate NY fund would allocate $25 million in federal dollars to economic development and technology-development organizations, research universities, and investment funds that focus on investments in new businesses.

“While streamlining the process of starting a small business and reducing taxes on existing employers is important, Albany must understand it cannot end there. Lawmakers must be able to create an environment which fosters sustainable economic development for future generations. The Innovate NY fund will provide firms with capital to invest. Hopefully, this is the beginning of a series of economic development initiatives that will spur job growth in Long Island.”

The application process to receive part of the $25 million has yet to be determined. To learn more about the Innovate NY fund, please visit Empire State Development’s website, www.esd.ny.gov, or call Assemblyman Ra’s office at 437-5577.