Novice exporters and the nonprofit organizations that help them can start applying Friday for grants and loans available from New York State through mid-2022.
The Global NY Fund, valued at $35 million, will be administered by Empire State Develpment. It consists of $5 million per year to be distributed in grants, loans and loan guarantees to lenders.
Recipients must be nonprofits or businesses with 500 or fewer employees that plan to export a product or service that originates primarily in the state.
Grants of up to $25,000 will be awarded to companies that want to begin exporting or boost their overseas sales. The money can be used for activities such as trade missions, export workshops and the adaptation of a product or service to a foreign market.
Grants of up to $50,000 will go for export assistance and training programs by nonprofits.
The grants may cover up to 50 percent of the cost of an export initiative.
Interest-bearing loans of up to $500,000 from five private-sector lenders will be available to businesses for equipment purchases, inventory and working capital for export activity.
These lenders are being encouraged to help new exporters by a state-funded loan-loss reserve. It “will fill a gap for businesses that have been unable to secure financing,” said Howard Zemsky, Cuomo’s economic development czar.
The state also will make interest-free loans of up to $50,000 to eligible manufacturers that want to export beer and liquor.
An informational workshop is planned for May 2 at 8:30 a.m. in the Morrelly Homeland Security Center, 510 Grumman Rd. West in Bethpage.
For more information, go to esd.ny.gov.