As reported by the Buffalo News, upstate New York businesses in the semiconductor industry are set to benefit from $11 million in federal and state funds aimed at helping them grow. The U.S. Department of Treasury awarded $9.45 million to New York State for the Semiconductor Growth Access Program, with an additional $1.5 million in matching funds from Empire State Development. This program will provide legal, financial, and business planning assistance to companies from Buffalo to the Capital District.
This funding builds on upstate New York’s semiconductor development efforts, including the $40 million tech hub grant awarded to Buffalo, Rochester, and Syracuse, with $8 million in additional state funds. A key component of the tech hub is the Supply Chain Activation Network (SCAN), managed by the University at Buffalo, which seeks to identify semiconductor opportunities for regional companies. The new funds will support small businesses in entering the industry.
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