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Funding Will Create Innovation Center at Center For Economic Growth, Helping New Businesses Expand and Create Jobs and Stimulate Economic Recovery

Funding Is Part Of House And Senate Omnibus Appropriations Bill Passed By House Last Week And Senate Over The Weekend

U.S. Senators Charles E. Schumer and Kirsten Gillibrand and Congressman Paul D. Tonko today announced that both houses of Congress have passed the FY 2010 Omnibus Appropriations bill which includes $150,000 for the Center for Economic Growth's Watervliet Innovation Center.  The funding would be used to promote job growth and economic development by offering businesses training for entrepreneurs, recruiting companies to the area, and provide technical assistance for small businesses. The funding was included as part of the FY2010 Omnibus Appropriations bill.  The bill passed the House last week and the Senate over the weekend and now awaits the President's signature. 


"This is terrific news for the continued rebirth of the Watervliet Arsenal," said Senator Schumer.  "The Watervliet Innovation Center has the potential to tremendously improve small, emerging technology businesses throughout the entire state, as well as ensure that the topnotch technology being developed right here in Upstate gets the bang for the buck it deserves, bringing millions of dollars, highlyskilled, wellpaid jobs, and an immeasurable amount of economic prowess to the Capital Region."


"This is the right investment for the Capital Region," Senator Gillibrand said. "Hightech industry holds the power to rebuild our economy for the 21 st century. This investment will help the Watervliet Innovation Center expand and create new, goodpaying jobs right here in New York, and help revitalize our economy. I will continue working with Senator Schumer and the entire Congressional Delegation to make sure New York gets its fair share from the federal government."


"Technology and innovation hold the key to the future of our economy and are the foundation for job growth and economic recovery in the Capital Region," said Rep. Tonko.  "Small businesses are the engine of our economic  growth and job creation, and we must continue to challenge and promote these innovators and tinkerers to develop the latest in research, development and deployment.  This funding will also offer training opportunities, which are especially important as we continue to compete on a global stage.  The Watervliet Innovation Center is an important component of the Capital Region's tech valley development and I am happy to announce this bit of funding." 


This funding is part of Schumer, Gillibrand and Tonko's ongoing efforts to enhance job development at the Watervliet Arsenal. The Center for Economic Growth's Watervliet Innovation Center promotes job growth and economic development by assisting small businesses.  Early stage companies require the greatest amount of assistance precisely at the time when they have the least amount of capital to invest in growth and development.  To be successful, these emerging entities need access to business, market and technical expertise and education.  Early stage technology companies cannot afford expertise from forprofit companies, creating a clear need for nonprofit support programs to bolster startups during critical growth periods.  CEG through its Watervliet Innovation Center is the only regional nonprofit capable of assisting early stage companies in this market gap. CEG delivers mentored leadership development programs for emerging CEO's and creates network collaboration opportunities within the hightech sectors.   


The appropriation was originally included in the Senate FY2010 Financial Services and General Government Appropriations Bill. Last week that bill was combined with 5 other appropriations bill into the FY 2010 Omnibus Appropriations bill.  The omnibus bill passed the House last week and the Senate over the weekend.