EMPIRE STATE DEVELOPMENT AWARDS $1 MILLION GRANT TO LAUNCH NY TO PROVIDE TECHNICAL ASSISTANCE FOR STARTUPS STATEWIDE
Federal SSBCI Funding Administered by ESD’s NY Ventures Division Will Help Early-Stage Companies Access Legal, Accounting and Financial Services
Program Will Strengthen Startup Readiness for Investment and Job Creation Across New York’s Innovation Economy
More Information and Application Available at launchny.org/ssbci-ta
Empire State Development (ESD) today announced that Launch NY has been awarded a $1 million grant through ESD's NY Ventures division to deliver a new State Small Business Credit Initiative (SSBCI) Technical Assistance Program. The grant, funded through New York State's allocation from the U.S. Treasury State Small Business Credit Initiative, will provide hands-on support to early-stage startups across New York State to help founders strengthen business operations, improve financial readiness, and position their companies to attract investment capital. Entrepreneurs interested in applying for the Technical Assistance Program can visit launchny.org/ssbci-ta.
Empire State Development President, CEO and Commissioner Hope Knight said, "Empire State Development is proud to support Launch NY with this $1 million investment in expanding access to critical technical assistance that helps entrepreneurs across our state turn bold ideas into high-growth businesses. By providing startups with professional legal, accounting, and financial advisory services, we're removing the barriers that too often prevent innovative companies from securing the capital they need to grow. This initiative ensures more New York founders can successfully navigate the path from idea to investment, creating jobs and driving economic growth statewide."
Launch NY President and CEO Marnie LaVigne, Ph.D., said, "Based on our experience delivering pro bono mentorship to more than 350 startups annually—and over 1,850 since 2012—we know that preparing these businesses to raise equity capital is one of their biggest challenges. This program offers the first widely available, hands-on resource for founders to receive the legal, accounting, and financial guidance necessary to become investment-ready."
Launch NY's selection as the grant recipient recognizes its position as a long-time investor in the Upstate ecosystem and its robust network built over years of fostering businesses of the future. The organization's extensive experience and proven track record make it the ideal partner to identify and coordinate the legal, financial, and accounting services that will support selected startups statewide.
Starting in November, Launch NY's Technical Assistance Program will provide expert services to pre-seed and seed-stage companies across multiple industries. Through this initiative, companies will receive invaluable professional assistance with developing investment term sheets, evaluating purchase agreements, setting up banking relationships, and creating financial models for investors—the kind of support that is critical to early-stage growth.
Through the Technical Assistance Program, founders will be able to access professional expertise in three key areas:
• Legal Services: Business formation filings, contract development, employee agreements, ownership transfers, and equity fundraising transactions
• Accounting Support: Financial software implementation, pro formas, bookkeeping practices, and investor presentations
• Financial Advisory: Fundraising strategy, banking relationship development, small business program applications, and financial modeling
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
About Launch NY
Launch NY is the only nonprofit venture development organization and U.S. Treasury-designated Community Development Financial Institution (CDFI) serving startups across 36 Upstate New York counties. Since 2012, the organization has supported nearly 1,860 companies that have raised more than $1.5 billion in capital, generated over $275 million in annual revenues, and created more than 9,600 jobs. More than 70 percent of its portfolio companies are located in low-income neighborhoods, reflecting its mission to drive inclusive economic growth through mentorship and capital access programs—including its Entrepreneur-in-Residence initiative, Founders Go Big program, Emerging Cleantech Opportunity (ECO) Incubator, and Invest Local Financing Programs. Through these efforts, Launch NY has become the most active seed investor in New York State and is ranked among the top five nonprofit seed funds nationwide.