In a pitch to bring $40 million in state aid to the Albany, N.Y., area, State Employees Federal Credit Union President/CEO Michael Castellana was among those presenting reasons why the funds could help woo businesses and create more jobs.

In addition to heading the $2.3 billion SEFCU in Albany, Castellana is co-chair of the Capital Region Economic Development Council.

On Tuesday, the council met at the capitol before a five-person panel appointed by New York Gov. Andrew Cuomo to compete with four other regional councils for a slice of $200 million in grants and tax credits.

According to Cuomo’s office, four regions with the top strategic plans as ranked by a strategic plan review committee will each receive up to $40 million in funding. The grants will support regional capital projects and the tax credits will be awarded to businesses and other projects towards job creation.

Castellana told the panel that the Capital Region council has a strong nonprofit sector that has been a significant driver of the region’s economy for some time. Nonprofits have also brought businesses and jobs to the area, he added. One of the projects in the Capitol Region council’s plan is a $100 million revolving loan fund for small businesses.

The government-appointed panel will review plans from all of the regional councils and is expected to make a decision sometime this month.

Instant Insights /

N.Y. State Employees FCU CEO Makes $40 Million Pitch

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