The Council of Fashion Designers of America in partnership with the New York City Economic Development Corporation revealed the fourth-round recipients of the Fashion Manufacturing Initiative. The program is intended to support local fashion manufacturing and promote growth in the city’s fashion industry.
In this round, seven companies have been awarded nearly $750,000 in total grants for equipment, software, infrastructure upgrades and workforce training.
The recipients are: HC Contracting Inc., a sewn goods manufacturer; Create-a-Marker, a computerized grading and marking company; Design Incubator, which develops designs for established and emerging firms; Funtastic Furs, which develops, samples and produces fur accessories and apparel; New York Binding Co. Inc., a provider of binding, pleating, slitting and trimming services for apparel and home furnishings; New York Embroidery Studio, a textile manipulation and garment decoration studio; and Zoila’s Sample Room, which offers alterations and samples for garment production.
“Marrying fashion and technology will help us grow garment manufacturing right here in New York City,” said Alicia Glen, deputy mayor for housing and economic development. “We’re proud to partner with the CFDA to get these manufacturers the capital they need to reinforce and expand their businesses.”
Steven Kolb, president and chief executive officer of the CFDA, added: “Over the last four rounds of grant funding, we’ve been able to significantly impact local manufacturers, aiding in the expansion of garment manufacturing, and we are dedicated to continuing the growth of the sector.”
Since being established in 2013, the FMI program has awarded over $2.3 million in grants to 22 New York-based fashion firms.
New York City’s fashion industry accounts for approximately 5 percent of the city’s workforce. It is responsible for paying $11 billion in wages and generating nearly $2 billion in tax revenue annually. In addition, the twice-yearly New York Fashion Weeks create a total economic impact of approximately $900 million in revenue to the city.