NY A07327

Authorizes the New York State Urban Development Corporation to provide assistance to niche market assistance projects that help small and medium-sized manufacturing or food processing businesses with fewer than 250 employees identify and develop niche markets for their products.

Defines "niche market" as a targeted market composed of individuals and businesses with similar interests and needs that can be readily identified and reached, or groups of potential customers sharing common characteristics that make them receptive to a company's product, service, or opportunity.

Establishes eligibility for funding to not-for-profit corporations, local development corporations, trade associations, educational institutions, technology development corporations with manufacturing extension programs, and other not-for-profit economic development organizations operating on a competitive basis.

Requires applicants to demonstrate ability to provide services, potential for niche market development in their service area, possibility of self-sustaining services, participation of local and regional economic development organizations, and a program budget with matching funds.

Limits individual grants for niche market assistance projects to a maximum of $200,000 and permits funded projects to include research, market analysis, marketing assistance, and identifying sources of financial assistance to enter new markets.