April Showers Bring May Business Grants

June 1, 2018

Spring means two things around here in New York; first, it’s time to put away the snow gear (finally), and second, everyone is talking about the Consolidated Funding Application (CFA). The state will kick off its 8th round of applications for financial assistance to non-profit, for-profit and public entities May 1st. Awards can support anything from family-owned businesses to major infrastructure projects.

What’s the CFA: The CFA process replaced multiple applications for economic development projects with a single application for state economic development resources from numerous state agencies, and institutionalized the role of the Regional Councils in identifying priorities for state resources.

The CFA has been designed to give economic development project applicants expedited and streamlined access to a combined pool of grant funds and tax credits from dozens of existing programs.

What’s New: At the spring meeting of the Mid-Hudson Regional Economic Development Council last Thursday, we didn’t hear much in the way of major changes to the program. For this round, each Regional Council will continue to implement its strategic plan and continue to identify and invest in significant economic development projects.

Available Funding: The Governor has directed over $750 million in state resources to be made available through the Consolidated Funding Application (CFA) in 2018 to support economic development priorities of the strategic plans and job creation across the state. Each region’s final amount will be determined later this year and will be based on a number of factors, including total number and quality of applications.

Also announced at Thursday’s meeting was the next round of funding for the Downtown Redevelopment Initiative, or DRI. Each region will award $10 million to a town for shovel ready redevelopment projects specifically aimed at revitalizing the local economy. The application window is much shorter than the CFA, with final submission by June 1st.

How much can I get?
During round VII, the Mid-Hudson region was awarded $84.8 million for 113 projects. Mid-Hudson was also named a top performer based on the quality of the applications received. Awards range in size and are determined by things such as total investment, number of jobs created, and tie-in to the strategic plan. Funding is not guaranteed and cannot exceed 20% of the total project cost.

Where can I learn more: First, contact Tyler Oborn at Capacity Consulting for a quick, free of charge, consultation regarding your project or application. TylerOborn@CapacityConsultingInc.com (571) 216-8382

We can also point you to a number of publically available resources, including the regional council’s website, http://regionalcouncils.ny.gov. Or track us down at any number of CFA workshops, the first of which is May 9th, at the Mount Saint Mary College, Aquanis Hall from 9-11:30am.