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Stony Brook gets $1.5M to boost tech companies

The state Small Business Development Center at Stony

The state Small Business Development Center at Stony Brook University has been awarded a $1.5 million grant to help fund laboratory equipment and facility renovations for technology companies, the Empire State Development Corp. announced Thursday, Sept. 18, 2014. Credit: Newsday / John Paraskevas

The state Small Business Development Center at Stony Brook University has been awarded a $1.5-million grant to help fund laboratory equipment and facility renovations for technology companies.

The grant was one of seven economic development awards statewide announced by the Empire State Development Corp., New York's chief economic development agency.

The $1.5 million in New York State funds will match federal grants to companies under the Federal Small Business Innovation Research program, which is funded by multiple federal agencies and encourages small business to develop technology and to profit from its commercialization.

Thursday's announcement from the Empire State board of directors said the new state money will allow additional Long Island companies to leverage the federal research funds to accelerate technology commercialization and create high-wage research jobs in Nassau and Suffolk.

The state Small Business Development Center's website says it is composed of certified advisers who help new and existing businesses increase productivity and profitability with advice on business planning, marketing, financial management and technology transfer.

The website says that, since its formation in 1985, the center has helped 23,888 Nassau and Suffolk businesses.

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