News about federal/state policy

Sen. Gillibrand introduces Early-Stage Business Investment and Incubation Act

Sen. Kirsten Gillibrand has introduced the Early-Stage Business Investment and Incubation Act (S.753), which would authorize the U.S. Economic Development Administration (EDA) for the first time to award operating grants to business incubators on a competitive basis nationwide, up to a maximum of $5 million per program.

Under this bill, EDA grants could be used by incubators to support the costs of providing business counseling, to conduct due diligence on potential tenant/clients/investees, to purchase business and professional/technical services on behalf of tenant/clients, and under the oversight of an investment committee, to make actual investments in early-stage firms.

The bill is part of a package of entrepreneurship initiatives announced by Sen. Gillibrand (see attached press release). 

 

Incubator bill advances in Legislature with Assembly equivalent

The previously discussed incubator network bill has advanced another step in the state Legislature with introduction of A11616, an Assembly "same as" equivalent of S7048. The Assembly version was introduced by Assemblyman Marc Alessi (D-1st District) and has been referred to the Committee on Economic Development. We will keep the incubator community advised of its progress. 

State Senate approves bill to create incubator network

House Small Business Committee holds hearing on incubators and jobs creation

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