A non-profit business development program sponsored by the University of Rochester has received $2.5 million from Empire State Development Corp.
Excell Partners LLC received the award as part of a $25 million investment by Empire State Development to investment fund entities statewide. The money came from the federally funded Innovate NY program. Excell Partners is a non-profit UR affiliate founded in 2005 by Empire State Development with matching funds from UR and Excell’s board of directors.
The organization will use the funding to invest in seed stage businesses focused on life sciences, energy and software and consumer products throughout Upstate New York, organization officials said.
“As small businesses grow, so grows New York’s economy,” said Kenneth Adams, president, CEO and commissioner of Empire State Development. “This fund will help attract tens of millions of dollars in new investment for innovative entrepreneurs to grow their businesses and create over 2,200 new jobs.
“With investment opportunities across every region and in our core industries, we are demonstrating once again that New York is open for business and investing in small businesses to spur job creation.”
Access to seed money is essential to build a vibrant small business community, said Sam Hoyt, regional president of Empire State Development. The program addresses that need by investing in organizations like Excell Partners, he said.
“With this program, we can make critically needed 'seed-stage' capital available to spur job creation and stimulate our economy from the ground up,” Hoyt said.
Investment entities will use the funding awarded from Innovate NY to leverage matching investment funds from private sources of capital at a ratio of at least 2-to-1, state officials noted. Each investment entity will be required to provide quarterly and annual reports outlining the effectiveness of the investments, leveraged funds, business revenue and numbers of jobs created.
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