ED funding highlights from proposed FY2015 state budgets
C2ER has been updating the C2ER State Economic Development Program Expenditures Database with data from the proposed FY2015 State Budgets currently being released. The proposed budgets include new funding and some major funding increases for economic development financing, especially venture capital, accelerator, and research and development programs.
Here are some of the highlights:
- Colorado Gov. John Hickenlooper’s FY 2015 Budget provides through the Office of the Governor $5,000,000 in funding from the General Fund for the Advanced Industries Accelerator Program. This program makes seed capital available to start-up companies in aerospace, engineering, advance manufacturing, biosciences, electronics, energy and tech.
- Hawaii’s FY 2015 Supplemental Budget includes a total of $32,066,515 in funding for the Hawaii Strategic Dev Corporation. This represents an increase of $25,168,350 since FY 2014, which is mainly due to an additional $6,000,000 in funds for the Hawaii Strategic Development Corporation’s HI Growth Initiative and an additional $13,168,350 in federal funds for the U.S. Treasury State Small Business Credit Initiative (SSBCI) program.
- Maryland Gov. Martin O’Malley’s proposed FY 2015 Budget provides a total of $28,000,000 in funding for the Maryland Economic Development Assistance Authority and Fund. This represents an increase of $14,150,000 since FY 2014, or over 100%. The increase is partly due to an infusion of $8 million in general funds to recapitalize the Fund. The budget also includes increases for Maryland’s Biotechnology Investment Incentive Tax Credit, Qualified Research and Development Expenses Tax Credit and Cybersecurity Investment Incentive Tax Credit.
For more information and updates, visit the C2ER State Economic Development Program Expenditures Database.