NY A04507

Establishes a matching grant program administered by the New York state urban development corporation in consultation with the department of economic development's division for small business to provide funds to small businesses awarded phase one or phase two federal SBIR or STTR grants within the last four years.

Program funds staged over three years with phase one and phase two recipients each receiving $100,000 in year one, $200,000 in year two, and $500,000 in year three, with 20 businesses funded in year one, 10 in year two, and 4 in year three.

Grant funds may be used for commercialization expenses not covered by federal programs, including business planning, patents, and marketing studies; recipients may also receive commitment letters to support federal applications.

Recipients must remain headquartered and operate or manufacture in New York for at least five years following successful product commercialization or return all grant awards to the state, with potential waivers available if operations cease before five years.

Grants awarded with preference to applicants demonstrating green and sustainable development priorities, operations located in New York, and commitment to performing future research and development principally in the state; annual reporting required beginning June 1, 2024.