Regional Economic Development Councils

Name

Regional Economic Development Councils

Legal name

Regional Economic Development Councils

Website

https://regionalcouncils.ny.gov

Company type

Private

Founded year

2011

Operating status

Operating

Ownership category

akta.pro rank

Product category

Government Economic Development Services

NAICS

Administration of General Economic Programs (92611), Administration of Economic Programs (9261), Executive, Legislative, and Other General Government Support (921)

SIC

Services-Management Services (8741)

akta.pro primary industry

Intergovernmental Affairs & Federal Grants Administration (BPAIAAAC)

akta.pro secondary industries

Economic Development & Business Licensing (Local) (BPAIACAN), State Legislature/Regional Assembly Administration (BPAIABAB)

Keywords

• Economic development grants
• Regional strategic planning
• Government funding programs
• Job creation incentives
• Public-private partnerships

Headquarters

HQ city

Albany

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Grant Disbursement Program: The REDC Initiative is a state government economic development program that distributes grant funding and tax credits to projects across New York State. Since 2011, more than $9 billion has been awarded to more than 11,000 projects. The program is funded through New York State budget appropriations and administered by Empire State Development (ESD) and other state agencies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Regional Economic Development Councils (REDC) is a New York State government initiative that distributes grants and tax credits through 10 regional councils to support economic development projects. Administered by Empire State Development (ESD), the program has awarded over $9 billion to more than 11,000 projects since 2011, creating or retaining over 240,000 jobs through a public-private partnership model.

Product overview

The Regional Economic Development Councils (REDC) initiative is a New York State economic development program that operates as a platform of interconnected funding programs and tools. The core offering is the Consolidated Funding Application (CFA) portal, which serves as a single-entry application system for over 20 state funding programs. Supporting this is the Project Tracking Dashboard built on Power BI for data visualization and analytics. The program portfolio includes the Downtown Revitalization Initiative (DRI) awarding $10 million per community, the NY Forward program for smaller communities at $4.5 million per award, the Grow-NY business competition with $3 million in annual prizes, and the annual REDC Awards initiative. Additional resources include webinars, regional workshops, and comprehensive guides.

Differentiator

Problem solved

Functional benefit

Brands

• Consolidated Funding Application (CFA): Single entry point for multiple state funding programs
• Downtown Revitalization Initiative (DRI)
• NY Forward
• ACHIEVE Competition
• Finger Lakes Forward (FLXFWD)
• Grow-NY
• Southern Tier Soaring
• Long Island Investment Fund
• Long Island Forward Housing Program
• FAST NY Shovel-Ready Grant Program
• Office of Strategic Workforce Development
• Buffalo Billion

Products and services

• Consolidated Funding Application (CFA) Portal A centralized online application portal used by applicants to apply for multiple state economic development funding programs in a single submission, serving municipalities, businesses, and nonprofit organizations across New York State.
• Project Tracking Dashboard A public-facing Power BI dashboard that tracks funded REDC projects, expenditures, and outcomes across all 10 regional councils in New York State.
• Downtown Revitalization Initiative (DRI) A New York State program administered through REDC that awards funding to selected downtown areas for revitalization projects, supporting community-driven economic development in urban centers.
• 2025 Regional Economic Development Council Awards The annual REDC Awards round where the 10 regional councils compete for funding allocations based on their strategic plans and project proposals, distributing state economic development resources.
• Regional Council Strategic Plans Long-term strategic plans developed by each of the 10 Regional Economic Development Councils (Capital Region, Central New York, Finger Lakes, Long Island, Mid-Hudson, Mohawk Valley, New York City, North Country, Southern Tier, and Western New York) to guide regional economic development priorities and project funding.
• Strategic Statewide Projects Funding Direct state support for major economic development projects including semiconductor manufacturing expansions, such as the GlobalFoundries project, that have strategic importance to New York State's economy.

Quantifiable outcome

• Over 240,000 jobs created or retained statewide since 2011
• +2 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Empire State Development (ESD)coreImplementation/ SI/ Consulting Partner · 1 January 2011ESD serves as the primary administering agency for the REDC Initiative, providing staff support, regional directors, and administrative infrastructure for the 10 regional councils. ESD coordinates the Consolidated Funding Application portal and manages multiple funding programs including Regional Council Capital Funds, Excelsior Jobs Program, and Market New York.
• NYS State Agencies and AuthoritiescoreStrategic or Co-development PartnerEight state agencies and authorities participate in the REDC Initiative through the CFA: ESD, NYSERDA, HCR, DEC, Parks, Arts, Canals, DOS, DOL, EFC, HESC, NYPA, ONCS, OTDA. Each agency contributes funding programs to the unified application process.
• Luminate AcceleratorcoreStrategic or Co-development PartnerLuminate is the world's largest startup accelerator for optics, photonics, and imaging technology, operated by NextCorps in Rochester. Part of the Finger Lakes region's innovation ecosystem supported by REDC investments.
• Grow-NYcoreStrategic or Co-development PartnerGrow-NY is a business competition focused on growing an enduring food and agriculture innovation cluster. The competition attracts innovative startups globally and engages them with the region's startup ecosystem, awarding $3 million annually to seven startups with a top prize of $1 million.
• NextCorps (formerly High Tech Rochester)coreStrategic or Co-development PartnerTechnology business incubator and accelerator operating in Rochester's historic Sibley Building. Supports optics, photonics, and imaging startups as part of the Finger Lakes Forward strategic plan.
• Griffiss InstituteminorStrategic or Co-development PartnerLocated at Griffiss Business Airport in Rome, NY, the institute supports cybersecurity and technology workforce development in the Mohawk Valley region, hosting REDC public meetings.
• Regional Academic InstitutionscoreStrategic or Co-development PartnerUniversities and colleges in each region collaborate with REDCs on workforce development, research commercialization, and talent pipelines. Recognition of the importance of academic community to economic prosperity is a core REDC principle.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• MassDevelopment: Massachusetts's quasi-public economic development finance agency running real estate, infrastructure, and brownfield redevelopment programs. Comparable as a state-level economic-development finance entity blending grants, loans, and tax-credit programs.
• Ohio Department of Development: Ohio's statewide economic development cabinet agency administering grants, tax credits, and workforce programs across multiple regions. Comparable as a state cabinet-level economic-development administrator with multi-program portfolio.
• New Jersey Economic Development Authority (NJEDA): NJEDA is a state financing authority administering tax credits and incentive programs similar to NY's Excelsior stack. Comparable as a regional state-level incentive coordinator with overlapping business attraction and workforce development mandates.
• California Governor's Office of Business and Economic Development (GO-Biz): California's state-level economic development agency coordinating business attraction, infrastructure, and incentives. Comparable to REDC in mandate (statewide, multi-agency, business-facing) but administered from the Governor's Office rather than via regional councils.
• U.S. Economic Development Administration (EDA): Federal agency within Commerce that funds infrastructure and capacity-building grants in distressed regions. Comparable in function (regional economic-development grantmaking) but operates federally rather than at the state level and reaches a broader geography.
• Empire State Development (ESD): ESD is REDC's parent administering agency and a NYS public benefit corporation that runs broader economic development programs (Excelsior Jobs Program, strategic siting, START-UP NY). It overlaps completely with REDC on capital allocation but operates across the entire statewide portfolio rather than the regional-council-led model.
• Pennsylvania Department of Community and Economic Development (DCED): Pennsylvania's state-level economic development agency running community revitalization, business investment, and workforce programs. Comparable in scope and structure as a state cabinet agency coordinating multi-program economic development investment.
• Virginia Economic Development Partnership (VEDP): Virginia's state economic development authority running site selection, incentive negotiation, and marketing. Comparable in scale (~$50M+ annual operating budget) and role in coordinating state-level investment decisions for major corporate projects.

Others

• Grants.gov: Federal funding-discoverability portal aggregating 26 federal grant-making agencies. Comparable to REDC's CFA single-entry portal in concept — one application funneling applicants to multiple funding programs — though at federal rather than state scale.
• International Economic Development Council (IEDC): National membership association for economic development professionals. Comparable as an ecosystem enabler (training, certification, advocacy) that supports similar regional-council staff and economic development organizations, though not a direct grant competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Finger-Lakes-Regional-Economic-Development-Council-397992706928732

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Regional Economic Development Councils