July 8, 2024

New York Small Manufacturer Modernization Program Launched

By Barry Halpern, Partner, Tax & Business Services

New York Small Manufacturer Modernization Program Launched Industrial Products

New York recently launched Round XIV (14) of the Consolidated Funding Application (CFA) to support the Regional Economic Development Councils Initiative (REDC). Up to $10 million was set aside for small manufacturers through the New York Empire State Development (ESD) Small Manufacturer Modernization Program. This program supports small manufacturers in New York State by investing in capital projects to improve competitiveness and productivity and preserve jobs through modernization and advanced technology integration.

Small Manufacturer Modernization Program (up to $10 Million)

Key Details

  • Funding: Up to 20% of eligible project costs.
  • Grant Range: $50,000 to $250,000.
  • Eligibility: Small manufacturers (both for-profit and not-for-profit) operating in New York State for at least 10 years, with 5-99 full-time permanent employees.
  • Focus: Operational efficiencies, market competitiveness, and business sustainability in New York.
  • Application deadline: July 31, 2024, at 4:00 PM.

Eligible Uses

  • Purchasing land, buildings, machinery, and equipment.
  • Demolition and environmental remediation.
  • New construction, renovation, or leasehold improvements.
  • Acquisition of furniture and fixtures.
  • Other costs/expenditures deemed eligible by ESD.

Applications must be submitted before a project commences or expenses are incurred. It is also recommended that applicants discuss the project with ESD regional offices to gauge local support before submitting applications.

Given the importance of these programs and the approaching deadlines, small manufacturers in New York are encouraged to determine their eligibility and interest in the program to ensure timely submissions.

For additional information regarding the New York Small Manufacturer Modernization grant opportunity and its impact on your business or other state business credits and incentives opportunities, contact Barry Halpern at [email protected] or your Marcum State and Local Credits and Incentives professional.

Related Service

State & Local Tax

Related Industry

Industrial Products