$750,000 Federal Award Will Support Investments in High-Growth Start-Ups

Congressman Brian Higgins (NY-26) announced LaunchNY will receive $750,000 in federal funding through the U.S. Economic Development Administration’s “Build to Scale” program.  The funding will benefit LaunchNY’s #InvestLocal program, a catalyst for quality job growth and local economic opportunity.

In a letter of support for LaunchNY’s application, Congressman Higgins said, “Launch NY proposes to use this funding to recapitalize and expand their existing and successful programs to boost entrepreneurship and job growth in underserved communities.” Higgins added, “They have a demonstrated track record of meaningful accomplishment in the assistance of new and small businesses.”

“Funding from EDA has played a vital role in Launch NY being able to serve startup companies by building the most active seed fund in New York State. Now this new award will drive expansion of Launch NY’s entire suite of #InvestLocal Financing Programs, with a goal to grow well beyond its current 250 accredited investors in fueling local entrepreneurs,” said Marnie LaVigne, PhD, President & CEO and Fund Manager of Launch NY.

LaunchNY was one of just 51 awardees across the nation, chosen from over 180 applications, and one of 19 recipients under the Capital Challenge grant program. The federal award, along with a local match, will make $1.5 million in seed funding available to innovative start-up companies in the Upstate New York region projected to leverage an additional 30x that investment in capital from private funders.

In March, Congressman Higgins hosted Assistant Secretary Alejandra Castillo, who heads the EDA, at a roundtable in Buffalo with Western New York business and community stakeholders, including LaunchNY, to explore ways to promote economic opportunity in underserved communities.  Video Statement from U.S. Assistant Secretary of Commerce for Economic Development Alejandra Castillo on this grant announcement: https://www.youtube.com/watch?v=G7uf07Bqyyk