Letter to Penny Pritzker, Secretary of Commerce - Seed Capital Funds for Buffalo's Launch NY

Letter

Dear Commerce Secretary Pritzker:

I am pleased to write in support of the application submitted by Launch New York for funding through the Department of Commerce's cluster grants to support the development of Seed Capital Funds. Such funding will further support Launch New York's investment in the Upstate New York business community by providing the necessary resources to plan, design, implement and promote a seed fund for start-up businesses.

Launch New York is currently working with a diverse group of service provider organizations to bolster the business ecosystems of several different Upstate communities. With nearly 180 outreach partnerships, Launch New York has a strong presence across Upstate New York. Headquartered in Buffalo, they maintain healthy visibility in the Southern Tier and the Finger Lakes, and stretch as far as the Central New York region. This sprawling reach means that Launch New York is working to spur economic development in 27 different counties.

With funding, Launch New York will provide seed money to up-and-coming entrepreneurs within the Upstate business ecosystem. In order to do this, LNY requires the capital necessary to establish such a fund. Their dedicated professionals will undertake the task of creating and marketing a seed money fund that would provide necessary capital to Upstate New York start-ups. Their goal is simple -- job creation. By creating a mechanism to invest in new entrepreneurs, particularly in the medical and manufacturing fields, Launch New York is working to ensure that investment in New York's younger generations pays off. Providing seed money to local entrepreneurs will ensure that New Yorkers are able to make a living in the state that they call home. I applaud Launch New York for their foresight, and sincerely hope the application meets with your approval.

Thank you for your consideration.

Sincerely,

Charles E. Schumer
United States Senator

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