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Gillibrand Offers Measures To Boost Regional Job Growth

Sen. Kirsten Gillibrand
Mike Groll, AP Photo

Washington, DC (WIBX) – Senator Kirsten Gillibrand, says she will introduce legislation to help create new jobs in New York State. During a conference call today, Gillibrand said the poor economy and high unemployment in the region, means it’s time for the government to act, and says her legislation will direct more federal funding to business incubators and entrepreneurs.

“My plan directs more capital to business incubators and entrepreneurs, and invests in the kind of cutting edge research happening at New York’s own universities and laboratories that we can translate into new industries, new businesses, and good jobs for New Yorkers,” Gillibrand said.

The senator said,  ”To support business incubators and foster growth among our high-tech entrepreneurs, I am introducing legislation to provide federal grants of up to $5 million for business incubators to support the development of early-stage small businesses in targeted, high-growth industries. Incubators would use the grants toward assisting start-up companies with comprehensive training and counseling services, investment management and purchased services. We know that supporting business incubators works, and is one of the best investments we can make to revitalize areas of New York that were hit hardest by this downturn.”

Gillibrand pointed to the Economic Development Administration that found that every $10,000 invested in business incubators has the potential to create about 70 new local jobs. She said the legislation will make it easier for an individual to start a business and added that the money saved can be used for operating costs.

The measure also looks to provide tax credits to the startup businesses, to encourage private investment in other ventures. Gillibrand said, “I am working to pass legislation to provide a 25-percent tax credit to encourage greater private investment to support emerging small businesses in fields with the most potential to lead in the high-tech economy, like advanced manufacturing, aerospace, biotechnology, clean energy and transportation.”

Another area the democratic senator is eying for economic growth and investment is the state’s science parks. “Science parks hold the potential to make major breakthroughs in academic research that can translate to promising new business ventures and new jobs,” she said, and added that, “New York is home to some of the nation’s best science parks, including at Clarkson University, the University at Buffalo, Binghamton University, the College of Nanoscale Science & Engineering at the University at Albany, New York University, Stony Brook University, and more.”

In an effort to increase student interest in science and technology that can translate to high-tech jobs in the region, Gillibrand is urging lawmakers to help fund the America COMPETES Act saying, “Now, we need to back this proposal with the funding it needs. I am writing to Senate leaders, urging them to include a $107 million investment in the 2012 fiscal year budget to help grow America’s science parks.”  The senator says it would be a, “smart investment for our economy. Because when we invest in cutting edge research, we can make major breakthroughs that we can translate into business ventures, whole new industries, new businesses, and new jobs.”

The  SECTORS Act is another measure Gilibrand is working to pass saying the aim is to attract new businesses to the state. The bill looks to award organizations with competitive grants–up to $2.5 million–to support strategic economic growth plans. “These investments are critical to connecting regional businesses, suppliers, R &D entities, education and training providers, and associated institutions in a targeted field to fulfill regional workforce needs, and grow regional economies,” Gilibrand said.

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