With New York State’s less-than-stellar financial state, a breakfast was held by the Downtown-Lower Manhattan Association (D-LMA) on Tuesday hosting Kenneth Adams, the Empire State Development’s (ESD) President, CEO & Commissioner. He shared his vision on how to stimulate economic growth during an era where many companies and citizens are struggling just to stay alive.
New York City has experienced the greatest population growth than anywhere in the State. Adams stressed that a more balanced wealth distribution could be reached if business and capital were moved out of the city to Upstate New York.
Taking “no more bets,” Adams, with the support of Governor Cuomo, plans to “make New York work again.” He vouched for the elimination of the state’s $10 billion deficit with no new taxes or borrowing. He stated that, along with lowering taxes, New York State should, could and would be more competitive with other states.
The ESD leader also emphasized that non-profit organizations would be boosted if they could receive funding for their energy needs. By supporting entrepreneurship, Adams believes that he could help “take away our bureaucracy and give it to the people.”
These proposals would go hand-in-hand with the goals of The Commercial Finance Association (CFA), “The international trade association dedicated to the asset-based lending and factoring industries.” The organization’s members comprise of international banks and independent entrepreneurial finance companies.
To resuscitate New York’s economy and expand the job market, Adams said that the state would have to “pay for performance in economic development.” One billion dollars in state resources are needed to implement 10 Regional Economic Development Councils. This would bring about the “New York State Open for Business” campaign, which is run by the same people behind the “I Love NY” campaign. The new program will be geared mostly towards business decision makers, enabling them to make their own policy changes, have a clear economic plan and experience a smoother process in applying for funding.
—Charissa Che. Photos by Matt Essert