LI applications for state business aid down sharply

Gov. Andrew M. Cuomo on April 14, 2014

Gov. Andrew M. Cuomo on April 14, 2014 in Syracuse. (Credit: Office of the Governor / Darren McGee)

Significantly fewer Long Island companies and groups applied for state business aid through Gov. Andrew M. Cuomo's Regional Economic Development Councils this year.

Islandwide, 196 Consolidated Funding Applications were filed compared with last year's 295.

Statewide, 2,600 CFAs were received by last week's deadline, down from 2,760 last year.

MARKET LINKS: Live Market Summary | Earnings News | Popular Mutual Funds | Check Bonds | Energy/Metal Futures | Press Releases

A spokesman for Empire State Development, the state agency that oversees the process, speculated that fewer applications were received because fewer state programs are participating this year. The filing deadline was also pushed up to June from August.

The applications from companies, developers and not-for-profit organizations seek a portion of up to $750 million in grants and tax credits to be awarded by New York State in the fall.

The Long Island Regional Council will now review the submissions and make recommendations to Albany. Last year, the council secured $83 million for 98 projects.

Cuomo established the funding process in 2011.

advertisement | advertise on newsday

Follow Newsday Biz

advertisement | advertise on newsday