NYS launches $30M pre-seed and seed matching fund program
Gov. Kathy Hochul announced today the launch of the Pre-seed and Seed Matching Fund Program, which will offer early-stage companies $50,000 to $250,000 in growth assistance, with matching funds from private sector investors.
The program, funded by the State Small Business Credit Initiative (SSBCI), is a program created by the 2021 American Rescue Plan. It is meant to help the development of businesses in high-growth industries and create jobs for the future.
The program will be managed through Empire State Development’s NY Ventures, the state’s venture capital arm. It will be focused on technology markets, including agricultural tech, life sciences, and advanced manufacturing. Companies must secure at least $1 of private sector investment for every $1 invested by NY Ventures.
"For early-stage startup companies, access to capital is critical to ensuring the vitality of those businesses and sustaining them in the long term," Hochul said in a statement announcing the launch of the program. "The Pre-Seed and Seed Matching Fund Program will help these businesses gain their footing and create the jobs of the future while expanding access to funding in traditionally underserved communities. I thank our federal partners for helping to secure this funding and extending a lifeline to New York's small business ecosystem."
To qualify, applicants must have raised less than $2 million of dilutive funding to date. All applicants must be registered to do business in New York state and agree to create economic impact in New York by having its headquarters and at least one C-suite employee in the state.
The program is focused on expanding access to venture capital across the state, particularly for historically marginalized individuals, entrepreneurs of color, and underserved regions.
For more information on the program and instructions on how to apply, click the button below or email NewYorkVenturesPreSeed@esd.ny.gov
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