The U.S. Department of the Treasury recently awarded New York-based chief economic development agency Empire State Development (ESD) a $9.4 million Small Business Credit Initiative Investing in America Small Business Opportunity Program (SBOP) grant.
The program connects underserved and very small businesses to financing. It was designed to boost private sector investment by supporting small businesses with technical assistance services.
Empire State Development provided $1.5 million in matching funds, and will use funding to support small business growth in the semiconductor and microelectronics industries.
“US Treasury’s award enables ESD to expand the economic opportunities created by Upstate’s booming semiconductor sector to small businesses in underserved communities through our innovative Semiconductor Growth Access Program, which offers critical capital access and technical assistance so entrepreneurs can focus on the important work growing their businesses and creating jobs,” said Empire State Development President, CEO and Commissioner Hope Knight.
The Semiconductor Growth Access Program will provide very small businesses and underserved entrepreneurs in the semiconductor and microelectronics industry with legal, financial, and accounting services.
The program will focus on helping local businesses prepare to secure capital and scale their operations. It will provide direct access to industry leaders, state officials, and experts in the semiconductor supply chain; and will hold regular meetings and business development workshops. The program also will create a shared regional purchasing roundtable of large manufacturers and tier 1 suppliers. This will provide participating businesses purchasing opportunities.
SGAP will work alongside the Supply Chain Activation Network, a federal NY SMART-I Corridor Tech Hub project, that supports local New York firms entering the semiconductor and microelectronics market.