$9.4 million in funding for small businesses in semiconductor industry
ABANY (NEWS10) - On Tuesday, Senator Chuck Schumer announced $9.4 million in federal funding aimed at helping small businesses tap into the semiconductor supply chain across the Capital Region and beyond. The funding, awarded to New York State, is in addition to $1.5 million from the Empire State Development Fund.
The new program, according to Schumer, will “maximize the local impact of the billions in investment we are seeing across Upstate NY from companies like Micron, GlobalFoundries, and Wolfspeed thanks to his CHIPS & Science law by breaking down barriers to help small businesses enter and expand into the semiconductor supply chain.”
The funds will support the Semiconductor Growth Access Program, which is designed to provide technical assistance to small and diverse businesses looking to access the supply chain in both the service and manufacturing sectors.
Katie Newcomb, Chief Economic Development Officer at the Center for Economic Growth in Colonie, is one of the local officials overseeing the distribution of these funds in the Capital Region. She emphasized the significant impact this investment will have on job creation in the area.
“We’re seeing large projects being announced at Edwards Vacuum in Western New York, Micron in Central New York, and GlobalFoundries here in the Capital Region,” said Newcomb. “Between those three projects alone, we’re talking about more than 10,000 direct jobs for Upstate New York.”
Newcomb also addressed the misconception that the semiconductor industry is only for highly educated workers. “There’s a strong regional, coordinated workforce development system and engaged industry partners to help ready people for these jobs,” she said. “These are not just PhD-level positions; many of these jobs can be accessed with training.”
The state hopes that this funding will lower the barriers for smaller businesses to enter the chipmaking supply chain. This initiative has been welcomed by large manufacturers in the region. GlobalFoundries, a key player in the industry, praised the investment in a statement, saying: “New York has transformed from a national leader in chip manufacturing and research into a dynamic international hub of semiconductor activity, and GlobalFoundries is proud to be a cornerstone of this success. We applaud this new investment in the state's semiconductor ecosystem.”
As the semiconductor industry continues to grow, the Capital Region stands to benefit from both the influx of jobs and the integration of local businesses into this vital supply chain.