BUFFALO, N.Y. (WIVB) — A local organization that provides help for startups is getting a boost from the federal government.
On Monday morning, U.S. Senators Kirsten Gillibrand and Charles Schumer announced that Launch NY, which is based in Buffalo, will receive $750,000.
According to Gillibrand’s office, Launch NY is one of less than 20 venture funding Community Development Financial Institutions in the whole country.
“The COVID-19 pandemic has stunted economic growth and far too many entrepreneurs in New York are struggling to keep their doors open, let alone grow their businesses. We need to take proactive measures using technology and economic innovation to bolster support for our communities, aid local businesses, and create sustainable jobs. This forward-thinking funding is great news for Launch NY and Buffalo businesses investing in their communities, and will help workers get valuable experience and contribute to Buffalo’s economic growth. Our regional economies rely on innovative startup incubators like Launch NY for new economic opportunities, and I will keep fighting for the resources they need to thrive as we recover from this economic crisis.”Sen. Kirsten Gillibrand
Launch NY works with businesses in New York’s 27 westernmost counties. Gillibrand’s office says they’ve created more than 4,100 jobs.
“We have all learned how important businesses are to our economic well-being during the pandemic, and we are more committed than ever to supporting hundreds of high-growth entrepreneurs in our region each year with mentorship and seed capital in novel ways. We envisioned a powerful virtual community that brings business expertise, technical assistance, and funding together in one place, and now the SPRINT award will help us to make our vision into a reality, welcoming hundreds of investors to join us through our unique Investor Network.”Dr. Marnie LaVigne, President & CEO, Launch NY.