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Launch NY may get federal funding

Sen. Charles E. Schumer is going after nearly $1 million in federal funding for Launch New York, a nonprofit venture development organization headquartered in Buffalo.

He’s seeking $240,000 from the Economic Development Administration and $700,000 from the Community Development Financial Institutions through the Treasury Department.

That money would provide Launch New York with seed money to help developing companies in Western and Central New York, he said, and would promote innovation, entrepreneurship and create jobs.

Since its start, the organization has mentored 500 companies. Earlier this year, it invested $50,000 in Rachel’s Remedy, a Buffalo medical device company which went on to place its breastfeeding heating packs in stores such as Wegmans.