NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...
NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...
NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...
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Anticipated<br />
Funding Source: A $25,000,000 allocation from the Innovate NY Fund program (using<br />
proceeds from the U.S. Department of Treasury’s State Small Business<br />
Credit Initiative award to New York State) and up to $1,500,000 from the<br />
New York State Small Business Technology Investment Fund (“SBTIF”).<br />
ESD Project No.: X819; X820; X821; X822: X823; X824(6 Projects)<br />
Project Team: Origination Steve Cohen<br />
Project Management Sharon Rutter<br />
Legal Richard Dorado<br />
Affirmative Action Helen Daniels<br />
Environmental Soo Kang<br />
II. Project Cost and Financing Sources<br />
Financing Sources and Uses<br />
Innovate NY program funds-<br />
Amount Percent<br />
To be invested in the selected Investment Entities (maximum) $25,000,000<br />
New York State (SBTIF)-<br />
32.6%<br />
To be invested in the selected Investment Entities (maximum) $1,500,000 2.1%<br />
Private matching funds (minimum) $50,000,000 65.3%<br />
Total Project Funding $76,500,000 100.0%<br />
III. Project Description<br />
A. Background<br />
The Fund is a new seed stage equity fund to support innovation, job creation, and high<br />
growth entrepreneurship throughout the State of New York. The Fund was one of the three<br />
new state programs funded through a grant from the U.S. Department of Treasury’s State Small<br />
Business Credit Initiative (“SSBCI”). The Fund was created by a Governor-sponsored bill (Bill No.<br />
S05782/A8452) that passed both houses on June 20, 2011). The legislation is Section 16-u of<br />
the Urban Development Corporation Act. Program Rules and Regulations for the Fund were<br />
presented and approved by the Corporation’s Board of Directors on November 4, 2011.<br />
The Innovate NY Fund will utilize $25,000,000 from the U.S. Department of Treasury<br />
grant to invest in regional seed investment funds, competitively selected and managed by<br />
private for-profit or not-for-profit investment firms and $1,500,000 from the SBTIF to better<br />
align State equity support resources, expand the amount of support possible, and cover certain<br />
management expenses of the investment entities not possible with the US Treasury program
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