Economic News for
Ithaca and Tompkins County
April 2021
IAED Launched A New Website!
IAED's new website (IthacaAreaED.org) focuses on IAED’s services, business resources, and initiatives while also promoting all that our community has to offer businesses, workforce, residents, and visitors. Read More

New York State 2022 Budget Highlights
The NYS 2022 budget includes numerous items that will impact economic development in the state including:

  • $311 billion infrastructure plan
  • $29 billion in public and private green economy investments
  • $1 billion in small business and arts relief and recovery assistance
  • Enacts middle class property tax credit and continues middle class tax cuts
  • $220 million for Economic Development Fund (EDF)
  • $100 million for downtown revitalization
  • Directs $2.3 billion in federal resources to expand availability, quality and affordability of child care across the state; Enacts employer child care credits



The budget also allocates $750 million in Regional Economic Development Council (REDC) funding. REDC's support projects that provide economic impact in their region, while also growing much needed jobs. These projects will continue to help recovery in the state and help our economy move forward.

Heather McDaniel, IAED's President, sits on the Southern Tier REDC board and helped craft the Southern Tier Regional Recovery Strategy. The regional strategies from the REDCs statewide, along with additional information have been used to inform the state’s recovery plans and policies.  
Ithaca College Launches Physician Assistant Program
Ithaca College announced it is recruiting students for its first class for the new Master of Science in Physician Assistant (PA) Studies program that is part of the School of Health Sciences and Human Performance (HSHP). IC sees this program as a natural fit with its other well known health profession programs, as well as meeting goals outlined in the college's strategic plan.

The program addresses a need for health care professionals in our area. Cayuga Medical Center will be an important collaborator in clinical training of students in the program.
Approximately $1.6 million was granted to the program by the New York State Higher Education Capital Matching Grant Program (HECap) to be used in renovations of the former Rothschild Building on the Ithaca Commons to house part of the program.

Free Webinar for Rural NYS Businesses - 'Raise' Market Intelligence to Grow Your Exports
The International Trade Administration is offering a no-cost webinar on May 6th at 10:00am to learn about services offered through the U.S. Commercial Service (CS), including Rural America’s Intelligence Service for Exporters (RAISE).* RAISE market research reports offer your company targeted intelligence to help maximize your export sales.

In addition, learn how Empire State Development/Global NY can assist, including through grant funding to reimburse your company for using RAISE and other CS services, participating in trade events, and more.
 
*RAISE was created specifically to assist companies located in areas with a population of less than 150,000 residents or 60 miles outside of a major metropolitan area. 
Learn how to:
  • Get customized country- and industry-specific research for your company
  • Identify and prioritize top markets for your products
  • Connect with new prospective partners overseas
  • Identify the top trade events/conferences to promote your products
  • Understand the competitive environment within different markets
  • Use Federal STEP grant funds, administered through Global NY, to help offset the cost of international market research and activities

For more information, contact Michael.Grossman@trade.gov, tel: 914-682-6712, or Rosanna.Masucci@trade.gov, tel: 716-551-4191.
COVID-19 Resources and Information
LOCAL

Cayuga Heath System COVID-19 Testing for Businesses
Contact Tracy Gates, Vice-President & Chief Operating Officer at CHS at 607-351-8487 or at tgates@cayugamed.org.


NEW YORK STATE


NEW! State Launches Excelsior Pass 
To help revitalize New York's economy safely, the State launched Excelsior Pass - a free and voluntary platform for businesses & individuals that can be used to easily access secure proof of a recent negative COVID test or vaccination. 

Additional Resources
FEDERAL

NEW! Economic Injury Disaster Loan (EIDL) Limit Raised
The SBA raised the loan limit for COVID-19 Economic Injury Disaster Loans to a maximum loan amount of $500,000.
Business owners who received a loan subject to the previous limits can now request an increase under the new limits. SBA is emailing borrowers instructions on how to submit a loan increase request.



In the News
Cornell Clean Energy Projects Awarded Funding
Exotanium Completes $5M Seed Funding Round
Tompkins County Waterfalls Ranked as Must-See
Grow-NY Competition Accepting Applications
Hands-On Tompkins - Call for Presenters
Ithaca Area Economic Development | 607.273.0005 |