U.S. Department of Commerce Invests $1.4 Million to Grow New Businesses and Create High-Skill Jobs in New York
Senators Schumer and Gillibrand Applaud Efforts to Boost New York's Economy
Contact: Public Affairs Department, (202) 482-4085
Thursday, August 30, 2012
WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced three Economic Development Administration (EDA) grants totaling $1.4 million to attract new businesses, boost the development and commercialization of innovation coming from the Research Foundation of State University of New York at Buffalo, and provide a facility for training high-skill workers in New York.
"These $1.4 million in EDA investments in New York are examples of the Obama administration's commitment to supporting economic growth in local communities," said Acting U.S. Commerce Secretary Blank. "The grants announced today will bring new businesses to Rochester, accelerate bringing ideas to market in Buffalo, and provide a facility for training workers in fields that support high-quality, good-paying jobs."
"These federal investments will help advance new and innovative technologies that create jobs right here in New York State," said U.S. Senator Chuck Schumer. "By capitalizing on our valuable local assets, supporting programs like UB's iHub and New York Medical College's BioHud Valley Training Center and creating new shovel-ready sites like Rochester Photech, we can develop new technologies and transform those ideas into job-creation engines that foster growth throughout our state."
"New York State is poised to lead in the high-tech economy of the future," said U.S. Senator Kirsten Gillibrand. "With these investments, we can turn scientific breakthroughs happening right now at our world-class universities into new businesses and new jobs, and build key infrastructure to lay the foundation to attract more businesses and strengthen manufacturing, sparking a powerful economic engine fueled by our own innovation."
The investments announced today include:
- A $700,000 EDA grant to the city of Rochester to provide infrastructure to assist in the development of the Rochester Pho-Tech development site. The proposed re-use of the former brownfield site is expected to spur $15 to $20 million in private investment and create 300 jobs, according to grantee estimates.
- A $349,565 EDA grant in the Research Foundation of the State University of New York at Buffalo to formulate and implement the Innovation Hub (iHub) accelerator program at the State University of New York (SUNY) at Buffalo. The iHub will advance development and commercialization of innovations emerging from the western SUNY campuses in a 10 county region.
- A $328,000 EDA investment in the New York Medical College of Valhalla will fund the renovation of a 2,300-square-foot facility that will become the BioHud Valley Training Center. When it opens, the center will provide technical training and management-level courses for employees in biotech, pharmaceuticals, life sciences, and related fields. It will also offer courses that will help unemployed residents of the Hudson Valley learn skills to transition into a new career.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.