NEW YORK — Deputy Secretary of the Treasury Wally Adeyemo toured the Brooklyn Navy Yard (the Yard) in New York City, a center of manufacturing and workforce innovation located across 300 acres along Brooklyn’s waterfront, and heard from local leaders, students, and small business owners about their efforts to promote equitable economic development and recovery from the pandemic. The Yard is run by the Brooklyn Navy Yard Development Corporation, which is a not-for-profit corporation whose mission is to fuel New York City’s economic vitality by creating and preserving quality jobs, growing the city’s modern industrial sector and its businesses, and connecting the local community with the economic opportunity and resources of the Yard.
At the Yard, Deputy Secretary Adeyemo visited and met with students at The Brooklyn STEAM Center, an innovative career and technical education high school that prepares 11th and 12th grade public high school students to thrive in manufacturing, technology, and creative fields. He also met with Founder Fellows – tech startup founders from underrepresented backgrounds – at New Lab, a community of hardware-centric designers, engineers, and entrepreneurs creating the next generation of responsible enterprises through advanced technologies, and visited Nanotronics, an advanced machines and intelligence company. In recent years, the Yard’s dramatic growth has been aided by federal investment; in particular, New Market Tax Credits (NMTCs) were used to finance the retrofit and buildout of multiple modern, green manufacturing buildings on the Yard.
During his visit, Deputy Secretary Adeyemo discussed the Biden-Harris Administration’s plan to strengthen critical supply chains and invest in U.S. manufacturing and infrastructure, including by expanding access to capital for small manufacturers through the State Small Business Credit Initiative (SSBCI). Nearly a quarter of funding from the last round of SSBCI supported manufacturing companies. To ensure that small manufacturers can access this program, Treasury is working with state, local, territorial, and Tribal governments to share ideas and highlight best practices.
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