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State Encourages Job Creation with Excelsior Program, Entrepreneur Resources

By Will Barclay

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Our economy has seen thousands of manufacturing jobs disappear in recent history, and the jobs, sadly, continue to disappear. Most recently in Fulton, Birdseye, a food-packaging company, stopped production this month and more than 200 workers will have to find work elsewhere. Sadly, these hard times have displaced these highly skilled workers and their families. It is my hope that another large employer can be found to purchase the site and replace those jobs lost, however, that has not happened yet.
In response to this event and the general downturn of the economy, SUNY Oswego recently opened an “e-commerce incubator” in downtown Fulton. This office will assist people in starting their own business and provide resources and direction for those with ideas on how to become self-employed.
To open this incubator, the college received a $100,000 grant from the U.S. Small Business Administration. Statistics indicate that people who are nearing the end of their career often choose self-employment rather than retire. For those who have lost their jobs, self-employment also provides a viable option if people are determined, have a good idea for the marketplace, and are given the right tools and resources.
Much has changed to encourage self-employment in the state as well; it has become easier for small businesses to obtain credit and loans because of government programs. The state has established the use of State Small Business Credit Initiative (SSBCI) funds for three economic-development programs. These programs are designed to enable small businesses to leverage new capital and credit to help create private sector jobs. More can be found on these programs such as Innovate NY, at http://www.esd.ny.gov/BusinessPrograms/SSBCI.html.
The state also has its Excelsior Jobs Program. This program, created in 2010, replaced the Empire Zone program, and consists of four components: the Excelsior Jobs Tax Credit Component; the Excelsior Investment Tax Credit Component; the Excelsior Research and Development Tax Credit Component; and the Excelsior Real Property Tax Credit Component. According to its website, the Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high tech, clean technology, green technology, financial services, agriculture, and manufacturing.
Firms in these industries that create and maintain new jobs, or make significant financial investment, are eligible to apply for up to four new tax credits. The program encourages businesses to expand in and relocate to New York while maintaining accountability standards to guarantee that businesses deliver on job and investment commitments. With the Excelsior Jobs Tax Credit, businesses are awarded 6.85 percent of wages per new job to help cover payroll costs. Research and development costs are also credited.
For more information, eligible applicants should visit http://nyworks.ny.gov, or call (315) 425-9110.
 

William (Will) A. Barclay is the Republican representative of the 124th New York Assembly District, which encompasses parts of Oswego and Onondaga counties, including Oswego, Fulton, Camillus, and Skaneateles. Contact him at barclaw@assembly.state.ny.us or call (315) 598-5185. You can also friend him, Assemblyman Barclay, on Facebook.

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