Governor Andrew Cuomo is seeking to create a export-import bank that would extend loans and grants to help New York businesses tap foreign markets and encourage overseas companies to move to the state.
Cuomo, a 56-year-old Democrat seeking re-election in November, said today that New York would be the first state to set up a bank modeled on the one run by the federal government. He also said hell travel in coming years on trade missions to Mexico, Canada, Italy, China and Israel.
This is about job development and these companies are being sought after by every state, Cuomo told reporters in New York City today. If we dont give them an incentive, another state will.
The proposal is meant to build on tax-free zones that Cuomo created last year around the State University of New Yorks 64 campuses, which were designed to attract companies. Cuomo has said the initiatives are meant to change New Yorks decades-long image as a high-tax state unwelcoming to business. By promoting New York internationally, he is seeking to draw more foreign companies to the third-most-populous state.
The bank would have to be approved by lawmakers, Cuomo said. It 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, according to an e-mailed statement. Hell also create a website to help international businesses connect with the tax-free program and other incentives.
Cuomos forays abroad would follow an August trip to Israel and a trip last month to Afghanistan, his first overseas travel since he took office in 2011. The governor, who has been the subject of speculation as a presidential candidate, has increasingly been discussing international issues, including the threat of terrorism.
These trade missions will be for my job and theyre essential to doing my job as governor, Cuomo told reporters in today.
To contact the reporter on this story: Freeman Klopott in Albany at fklopott@bloomberg.net
To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net William Selway
Press spacebar to pause and continue. Press esc to stop.
More:
New York to Create Export-Import Bank as Cuomo Travels Abroad