Economic development programs abound in New York State. The Governor is fervently trying to bring in both out-of-state big businesses and also encourage small business entrepreneurs to relocate their newly budding business ventures to the Empire State. Below are four good reasons why a present or future business owner should seriously consider a move to the Big Apple, or to other popular parts of the region where new financial opportunities abound – In the unique, exciting and historic, East Coast State of New York.
#1. – New York State’s Business Incentive Programs
New York State offers many business incentive programs for all types of businesses that are new to the area, or are in the process of expanding locally. The Empire State Development Organization (ESD) works in partnership with New York’s public and private sectors in order to help create new economic development, by offering incentives to outside businesses to either move to or establish a base in the State of New York. Qualified businesses range from the finance sector, the media industry, technology, and also state agriculture. The ESD organization offers several different variations of help for the small business owner who is willing to move their business over to New York, or create a new one there. Ten-year tax exemptions, loans, grants, business and technical support, they are all available to certain industries that qualify.
As part of Governor Cuomo’s plan to improve the State of New York’s economic development, the state’s Consolidated Funding Application (CFA) has been streamlined in order to expedite the grant application process. This allows for the applicant to apply for several different funding programs at once. This also ensures less bureaucratic hoops to jump through while also promoting greater efficiency in processing business financing requests. This provides a positive and unique fundamental change in how a state allocates its economic development resources. This also gives New York State a tempting edge over other states in the union when it comes to recruiting new businesses to the area.
#2. – A Skilled NY Workforce
Governor Cuomo has also earmarked a huge – 100,000 sq. ft. – $44 million – Worker Training Project. The new project will build the Western New York Workforce Development Center in Buffalo. The Workforce Development Center is being created in order to train new workers in the area for the fast-growing Advanced Manufacturing, and other steadily growing sectors like Electric Utilities. The center will also eventually include a Clean Energy Training Center. This is all part of the New York Governors aggressive program to bring new economic opportunities to the state’s large population base, by luring in outside business with extra incentives and easily available resources.
New York State’s unemployment rate has stayed a low 4.8% throughout 2014 and 2015; there is no reason to believe that it will change much in 2016. This makes it the lowest unemployment rate for the state since 2007. This may give employers a little competition in acquiring steady new workers, but these statistics also show that the working populous of New York State has plenty of extra disposable income to put into the local economy – Meaning straight into the pockets of new local businesses.
#3. – A Major Shipping & Receiving Hub
New York City is the home to one of the largest shipping harbors in the World. By pure tonnage, it is rated the third largest of its kind in the United States. The Port of New York and New Jersey encompasses approximately a 25-mile radius, bringing in Hundreds of Billions in shipping cargo every year. It also includes a vast system of small navigable waterways along 650 miles of New York City and New Jersey shoreline. There is also the busy JFK regional international airport in the vicinity, which brings in droves of passengers and tons of air freight in every day. All distributed by a network of local railway and highway systems. This fact makes NYC and NJ convenient shipping and receiving hub-spot, which is hard to resist for many industries that rely on major transportation networks for trade with overseas markets, and distributing their products to other retail outlets across the country. New York State is truly one of the nation’s most longstanding and historic gateways to the World Market.
#4. – The New York Brand
Being a New York business comes with the prestige of being a NY Brand Name. A .nyc domain name adds that air of contemporary big-city sophistication to a web URL. Radio City Music Hall, Rockefeller Plaza, a carriage ride through the famous New York City landmark of Central Park – All of these famous NYC names, brings up images of the grandeur and glamor of the Big Apple. According to the New York State Small Business Development Center (SBDC), small business makes up 99% of the State of New York’s resident businesses. This fact makes NYS one of the most business-friendly states in the entire union. For those who like to think big in business, then moving or starting a business in the State of New York is one of the biggest and boldest moves that one can possibly embark upon. It just might be one of those well-contemplated decisions that end up paying off big-time for those entrepreneurs who are adventurous enough to try a new business opportunity in Old New York.
A very generous business incentive program, a capable and stable workforce, ample access to a more than adequate shipping and receiving hub, and a New York brand name in which to flaunt to the world consumer. All of these aspects of starting up, or relocating a current business to New York State, add up to some great incentives to set up shop on the East Coast. The old business adage of “Location, location, location, “could pertain to a successful business move. The only way for one to find out for sure is to thoroughly research what the Empire State has to offer you, and also, of course, what your business has to offer it in order to be successful.