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Tonko Heralds $714,000 Award for Capital Region Small Business Support

CDFI Award will promote investment and development of local businesses throughout New York State

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Albany, November 20, 2019 | comments

ALBANY, NY—Congressman Paul D. Tonko announced today that the Community Development Financial Institutions (CDFI) Fund has awarded $714,000 to the Capital Region’s New York Business Development Corporation (NYBDC). The award will be used to support financial assistance for small businesses across New York State. 

“Investment in our small businesses strengthens our economy and supports quality jobs that make it possible for our Capital Region to grow and thrive,” Congressman Tonko said. “Our communities have everything to gain when our small businesses receive these vital investments, which support both new entrepreneurs and innovators as well as established local companies. My heartfelt congratulations to NYBDC for this worthy recognition and my thanks for their tireless efforts to strengthen our small businesses and the communities that depend on them.”  

The goal of NYBDC is to promote the businesses and economic welfare of New York State by using federal funds to leverage private investment to support local projects. Financial assistance is available to start-up, early stage and mature businesses, with emphasis placed on minority and women-owned businesses. The NYBDC and partners have invested millions in the Capital Region to date, most recently including $212,500 to purchase real-estate for a mental health facility in Albany County, $772,800 towards land for an e-commerce retailer in Saratoga Country, $716,500 for a tile and stone installation company in Schenectady and numerous other programs. 

Over the last 25 years, The U.S. Department of the Treasury's CDFI Fund has awarded community development programs and other financial institutions more than $2.4 billion in grants. In FY2019, the institution provided awards to 261 organizations across 45 states.

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