New York Approves $35M In Loans To Develop Nanotech Site

UTICA, N.Y. (AP) — New York state approved $35 million in loans to help develop a nanotechnology hub in the Mohawk Valley.

The New York State Environmental Facilities Corp. on Thursday announced a $17.5 million interest-free loan and a $17.5 million low-interest loan for the development of the Marcy NanoCenter near Utica.

Six high-tech companies last fall said they would invest $1.5 billion help grow a second nanotechnology hub upstate in addition to Albany.

Gov. Andrew Cuomo says the three- to five-year loans to Oneida County will go toward improving the county's sewer system.