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NY Mayor names winners of $3mn fashion initiative grant
13
Feb '14
Mayor Bill de Blasio marked the beginning of Fashion Week by announcing the inaugural round of winners of the Fashion Manufacturing Initiative (FMI), a $3 million public-private program designed to support and promote growth of small businesses in the city’s fashion and manufacturing sectors. 
 
At the CFDA Fashion Incubator in Manhattan’s Garment District, the mayor highlighted the city’s commitment to preserving and creating more jobs, as well as helping support local fashion manufacturers by making them more competitive in global markets.
 
“Fashion is an important and iconic industry in New York City, which is why we are partnering with CFDA to strengthen and grow small businesses in the fashion manufacturing sector,” said Mayor Bill de Blasio. “This initiative will help increase business capacity and will generate economic growth—while creating and preserving jobs within the fashion manufacturing industry, in turn supporting local designers who rely on manufacturers.”
 
Through the New York City Economic Development Corporation (NYCEDC), the City of New York has pledged $1 million toward the Fashion Manufacturing Initiative, while the CFDA, program chair and President and Founder of Theory Andrew Rosen, and other partners have raised $1.3 million to date—including $500,000 from Theory and its parent company Fast Retailing, and $500,000 from Ralph Lauren. Other contributors include Rue La La, rag & bone, Precision Custom Coatings, Alvanon, CIT, Lectra, Save the Garment District, and Project Gravitas.
 
“The FMI is an important investment program that strengthens the relationship between designers and manufacturers,” said CFDA president, Diane von Furstenberg.
 
Seven local manufacturing businesses are the inaugural winners of the FMI. They will receive grants ranging from $46,000 to $150,000 for infrastructure and equipment upgrades and for workforce training, increasing business capacity, generating economic growth, and creating and preserving jobs within the industry. Each award will be matched by the winning business with an investment of the same amount.
 
 


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