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Press Release

U.S. Department of Commerce Invests $1.6 Million to Support Foreign Business Investment in Binghamton, New York

WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to the Research Foundation for the State University of New York, Binghamton, New York.

This investment will support the Southern Tier Soft Landing Program, to attract foreign business investment in Upstate New York and advance the creation of high-paying jobs. This EDA project, to be matched with $404,730 in local funds, is expected to create 365 jobs and generate $2.7 million in private investment.

“President Biden has made our economic recovery a top priority and growing U.S. trade and foreign investment are important aspects of that commitment,” said Secretary of Commerce Gina M. Raimondo. “This project underscores the case the Biden-Harris administration has made to the world that the U.S. is the best place to do business.”

“The Economic Development Administration is pleased to support SUNY Binghamton and the Soft Landing Program as they seek to diversify the region’s economy by attracting new businesses and increased commercial investment,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide immigration and visa assistance, domestic market research, capital access, and translation services to promote private investment that will lead to good jobs for residents of the Southern Tier.”

“Binghamton University is a cornerstone of the Southern Tier, and this funding will help to attract new employers, create over 300 good-paying jobs, and jumpstart the region’s economic development as we continue to recover from the impacts of the COVID-19 pandemic,” said Senator Charles Schumer. “I am proud to have fought for and secured this $1.6 million federal grant for Binghamton University to attract new business investment to Upstate New York. Now, many more will see what I’ve long-known: that Binghamton and Broome County are on the rise. I will continue to fight tooth and nail to deliver the resources needed to grow the Southern Tier economy and further make Upstate New York a top location for employers to invest and create new jobs.”

“By connecting the vast expertise of the Research Foundation for SUNY at Binghamton with foreign businesses looking to establish themselves in the U.S., this federal investment will attract millions in foreign capital and help continue to shape the Southern Tier into a hub for innovation,” said Senator Kirsten Gillibrand. “I’ll keep working with the Biden administration to bring federal dollars and good-paying jobs to New York State.”

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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

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