New York State has announced the launch of a $30 million dollars in pre-seed and seed matching program, which is a program that will invest up to $250,000 dollars in early-stage startup companies with matching funds from the private sector.
The Pre-Seed and Seed Matching Fund Program will now offer companies in the early stages of startup $50,000 to $250,000 dollars in growth assistance, which they will match with funds from private sector investors.
Empire State Development President, CEO and Commissioner Hope Knight said, “Even companies that are a household name now, started out as just an idea. Through the Pre-Seed and Seed Matching Fund Program, we will target promising startups and very small businesses and ensure that these good ideas become a reality in New York State, especially in traditionally underserved populations and markets.”
The program was created to help support the development of businesses in popular industries and for job creation. Funding for the program comes from the State Small Business Credit Initiative, which is part of the American Rescue Plan.