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New York to Form State Trade Promotion Bank

New York to Form State Trade Promotion Bank

Albany, NY – The State of New York is taking a major step to provide financing for global trade-minded companies throughout the state with the announcement that it will propose the creation of a new import-export bank.

Based on the federal model, the bank, the first of its kind in the country, would initially be vested at $35 million with funds loaned to qualified companies looking to expand their overseas exports.

The bank will have to be approved by lawmakers and would include a $25 million lending program targeted toward small businesses that have difficulty accessing credit, and $10 million for grants of as much as $25,000 to help with export capacity and translation.

Governor Mario Cuomo announced the formation of the bank at the recent Global New York Summit in New York City.

The new bank, the governor said, “is part of a larger push to help companies take advantage of growing international markets. This is about job development and these companies are being sought after by every state. If we don’t give them an incentive, another state will.”

Cuomo also said he will travel on trade missions to Canada, Mexico, Israel, China and Italy over the next year as part of his recently unveiled Global NY Initiative.

Up for reelection next month, the governor Cuomo added that the initiative is meant to help change New York’s image as a high-tax state unfriendly to business and investment and draw more foreign companies to the country’s third-most-populous state.