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Economic News for
Ithaca and Tompkins County
April 2021
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IAED Launched A New Website! |
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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
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New York State 2022 Budget Highlights |
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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
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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.
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Ithaca College Launches Physician Assistant Program |
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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.
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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.
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Free Webinar for Rural NYS Businesses - 'Raise' Market Intelligence to Grow Your Exports
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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.
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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
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COVID-19 Resources and Information |
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LOCAL
Contact Tracy Gates, Vice-President & Chief Operating Officer at CHS at 607-351-8487 or at tgates@cayugamed.org.
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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
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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.
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Cornell Clean Energy Projects Awarded Funding |
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Exotanium Completes $5M Seed Funding Round |
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Four Accelerate Southern Tier projects, two from Cornell University, will share in a $3 million award from the state. The awards are targeted to support projects that advance innovation as part of the region's growing and robust ecosystem that supports the formation and growth of early-stage clean energy companies.
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Exotanium is a local cloud resource optimization and management company. They recently announced completion of a $5 million seed funding round.
Exotanium’s platform leverages Cornell technology (patent pending and exclusively licensed to Exotanium) combined with artificial intelligence and machine learning to help enterprises reduce spending in the cloud by up to 90%, while enhancing both operational security and performance.
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Tompkins County Waterfalls Ranked as Must-See |
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Grow-NY Competition Accepting Applications |
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Three out of 17 of the must-see waterfalls in Upstate NY as ranked by NYUp.com are located in Tompkins County! Taughannock Falls, Buttermilk Falls, and Lower Falls, located respectively at Taughannock Falls State Park, Buttermilk Falls State Park, and Robert H. Treman State Park.
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Grow-NY is a business competition focused on growing an enduring food and agriculture innovation cluster in the Grow-NY region. The competition attracts innovative, high-growth food and agriculture startups from across the globe. The top prize winner receives $1 million. This is the third year of the competition. Applications accepted through Thursday, July 15th.
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Hands-On Tompkins - Call for Presenters |
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Hands-On Tompkins (HOT) needs presenters for the 2021 expo!
HOT is hosting its 4th Annual National Manufacturing Day Event on Friday, October 1, 2021. This virtual event is an opportunity for local businesses and manufacturers to spotlight what they do and produce, and also attract current and future job seekers.
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Ithaca Area Economic Development | 607.273.0005 |
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