Small businesses are the engines of economic growth and job creation in our economy, but since the economic downturn, they have found their access to credit and capital severely constricted. Thats why I sponsored legislation that would restart the New York State Capital Access Program (CAP) and establish the Innovate NY Fund (A.8452), two programs that would help small businesses gain access to capital, allowing them to expand, create jobs and get our economy back on track.
This year, New York will receive $55.4 million in federal funds through the State Small Business Credit Initiative, and the CAP program will distribute these funds to growing small businesses that are having difficulty obtaining loans through a bank or other financial institution. The second program, Innovate NY, will provide start-up money to rapidly growing high-tech companies, bringing the jobs of the future to New York State.
The importance of providing Rochesters growing small businesses access to capital cannot be understated. It kills three birds with one stone, helping to solve both the small business credit crisis and the employment crisis, all while attracting new, high-tech businesses to our area. These initiatives will create an environment where innovation and development are allowed to flourish, helping lead to job creation and economic revitalization.