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Capital Formation Strategies to Help Your Company Grow on Long Island

Nov 1, 2018

At the EisnerAmper Long Island Business Summit, Alan Wink, director of capital markets with EisnerAmper, moderated a lively, fast-moving discussion on capital formation strategies influencing both organic growth, growth by proximity, and what is driving the Long Island economy.

Opportunity Zones

Panelists Edward Blaskey, EVP and market president for Long Island, Sterling National Bank; Gina Hill Slater Parker, president and CEO, Long Island Development Corporation; and John Simons, managing partner, Corporate Fuel Advisors, LLC had a lot to say about qualified opportunity zones. Each panelists’ view were consistent:

  • There are significant tax and economic benefits for investors, real estate developers and fund sponsors through qualified opportunity funds in targeted communities.
  • Investing through qualified opportunity funds provides developers and investors with tax-advantaged investment opportunities designed to spur local economic development.
  • Opportunity zones are another benefit for the growing economy on Long Island.

Why is Long Island continuing to grow?

John Simons:

  • Long Island benefits from having a very “aware” population: of technology and the benefits of strong school systems -- as well as the Long Island transit infrastructure.
  • With Manhattan, Boston, Philadelphia, etc. just being an earshot away, there is a ton of capital to go around.
  • The Long Island transit infrastructure is changing with the technology, like e-bikes, scooters, Uber lite, etc., and the quality of life is better with the easing of the commute.
  • There are angel investor groups on Long Island, where they are looking to get technology and health care startups off the ground, granting more opportunities for innovation and a diverse market place.

Edward Blaskey:

  • There’s a commercial bank on every corner. The banks are looking to fund growth.
  • The angel investor groups, or even private venture capitalists, team up with banks to allow different forms of capital so businesses can grow and raise capital.
  • There are great neighborhoods on Long Island; each town is unique.

Gina Hill Slater Parker:

  • Manufacturing and aerospace industries as well as commercial fisheries are growing rapidly.
  • The ongoing creation of a more “downtown” feel to the Long Island towns helps.
  • The demand for working capital for businesses, especially small business owners, shows the opportunities available.
  • On a personal note, Gina ‘incentivizes’ her millennials to keep them Coming home.

The panelists’ final thoughts were that on Long Island there is something for everyone. There are great beaches and golf courses; and the proximity to Manhattan as well as other neighboring centers gives Long Island access to an overwhelming amount of capital. The opportunity zones, transit infrastructure, real estate development, school systems, and technology development keep Long Island capital strategies on the forefront of economic advancement.

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