New York State will fund a $5 million revolving loan and grant fund for the Development Authority of the North Country.

Governor Andrew M. Cuomo today announced that $39.2 million in economic development funding has been approved for 34 projects that are spurring growth and opportunity across the state.

The funding, approved by Empire State Development’s Board of Directors, supports projects that are creating 233 new jobs and retaining 1,589 existing New York State jobs – many of which have already been created or retained. This funding will also leverage $338.6 million in private assets and other public funding to support local businesses and projects that are building a strong foundation for future economic growth and job creation.

In the North Country region, Cuomo approved the North Country Redevelopment Fund for Jefferson, Lewis, St. Lawrence, Essex, Franklin, Hamilton and Clinton Counties.

The Development Authority of the North Country (DANC), a New York State public benefit corporation, will use a grant of up to $5 million to establish the North Country Redevelopment Fund, a revolving loan and grant fund to develop facilities in the North Country Region.

The fund will help to advance projects that will redevelop and transform communities and facilities, enhancing quality of life, attracting additional private investment, and retaining and creating jobs.

This project is consistent with the North Country Regional Economic Development Council’s (NCREDC) strategy to put tools in place to attract private investment, which will drive demand to revitalize communities and create a climate that will allow entrepreneurs to flourish.