Schumer, Gillibrand: Federal Investment Will Support Innovation For Area Entrepreneurs in Upstate New York
September 22, 2017
Buffalo, NY – U.S. Senate Minority Leader Charles E. Schumer and U.S Senator Kirsten Gillibrand today announced $168,000 in federal funding for Launch NY. The funding was allocated through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI) and will allow Launch NY to invest in a new initiative to promote entrepreneurship in Upstate New York. Specifically, Launch NY will use the funding for their Launch NY Seed Fund that plugs the region’s gap by allotting $10K-$50K investments in seed stage companies that reach key milestones towards building and marketing their new products.
“Start-up companies are the job-creating engines that power our economic growth in the 21st Century. But as any entrepreneur knows, the first few years can be especially challenging. That’s why I was proud to secure the initial funding that helped kick-start Launch New York, which gives businesses the resources they need to get off the ground and create new jobs,” said Senator Schumer. “Today’s fantastic news of additional funding will further build on Launch NY’s success, by enabling it to provide local entrepreneurs the support they need at their earliest stages of development. I will continue fighting tooth and nail to secure the federal funding Launch NY needs and do everything in my power to grow local start-up companies to create jobs across Upstate NY.”
“Launch NY has been an invaluable investor in New Yorkers’ growing startup business community. This funding will help them continue to strengthen entrepreneurship in Upstate New York and provide the critical seed money to jumpstart businesses across the state,” said Senator Gillibrand. “I will continue to fight for funding in the Senate to help boost the local economy, and provide new opportunities to create good-paying jobs around New York.”
“This award comes at a critical time when the demand for our support resources is greater than ever among the region’s startup companies who are transforming our economy across all industry sectors,” said Marnie LaVigne, PhD, President and CEO of Launch NY. “The majority of entrepreneurs we have served are in low income and under resourced areas of Upstate New York. Paired with other recent private sector awards, the CDFI funding expands our ability to invest in more of these companies through our Launch NY Seed Fund so they can turn their ideas into viable businesses that create economically vibrant communities.”
Launch NY is headquartered in Buffalo and was founded in 2012 and their mission is to link Upstate New York companies and entrepreneurs to entrepreneurship education programs on a path to success through seed capital and high-quality mentoring programs that are supported by eighteen local entrepreneurs-in-residence and more than 2000 industry, business, and investment experts nationally.
For more information on Launch NY visit www.launchny.org. For more information on
More information on CDFI’s grant and investment process can be found at www.cdfifund.gov.