New York Governor Announces First State Ex-Im Bank
New York is set to create the first U.S. state credit agency based on the federal Export-Import Bank model, said Gov. Andrew Cuomo on Oct. 7 as he announced a series of new export promotion initiatives (here). The state is…
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establishing the Global NY Development Fund and capitalizing it at $35 million for lending and grants to small- and medium-sized New York businesses looking to expand exports. The lending targets companies that can’t access funds through traditional banks and other financial institutions, akin to the Export-Import Bank. “Today is about opening new markets to the State, and we will aggressively market the State, and share with the global business community that there is no better place, with no better tools and resources, than the Empire State to grow and compete,” said Cuomo in announcing the initiatives at the Global NY Summit. New York will also ramp up its coordination with the Export-Import Bank, the federal credit agency, and the state will also create new trade missions in Mexico, Canada, Italy, China, and Israel.