Tuesday, October 13, 2009

Empire State Development Announces More Than $1 Million in Upstate Regional Blueprint Funding for Finger Lakes Region

Empire State Development today announced that Diamond Packaging has been awarded $700,000 in Round 1 of the Upstate Regional Blueprint Funding. Diamond will retain 90 existing jobs and create 100 new jobs with this investment. The announcement of $17.5 million in Round I of Upstate Regional Blueprint funding was made today by Governor David A. Paterson. More than $1 million in funding was awarded to the Finger Lakes Region.

The Upstate Regional Blueprint Fund was designed to finance business investment, infrastructure upgrades and downtown redevelopment that will advance New York’s economic vitality. The $120 million Fund, announced by Governor David A. Paterson in May, supports projects that help provide a framework for future growth in regions with stymied development.

Diamond Packaging is a high-end printing and packaging company that will invest in a new multi-million dollar printing press to service new and existing customers. This investment will ensure that the company retains its largest customers, as well as assist in attracting new business. In addition to the Blueprint funds, Diamond will be financing the acquisition with SBA 504 funds approved through the Monroe County Industrial Development Corporation, bank financing, and cash equity. more

Dennis Bacchetta
Diamond's greenbox initiative