ALBANY, NY. The State of New York has just approved a grant of $125,000 to fund the development of an EB-5 visa Regional Center. The funding was part of a $62.7 million package to stimulate growth in the 11-county capital region also known for its tech corridor. This disbursement was part of a competition set up by Governor Andrew Cuomo to promote jobs and economic development in the area.
The recipient of the funds is a private, not-for-profit organization known as the Center for Economic Growth (CEG). Its mandate is to foster economic growth in Upstate New York by providing assistance to members competing in a global marketplace. Those spearheading the effort hope to attract capital to fund their initiatives, grow the local economy, and increase employment in the region.
In addition to this grant, the CEG receives funding from its members and the Empire State Development's Division of Science, Technology and Innovation, which endeavors to facilitate the integration of new technologies throughout New York.