$142 million will go toward seed- and early-stage technology companies
Pennsylvania was awarded nearly $268 million in American Rescue Plan funding through the State Small Business Credit Initiative (SSBCI), including approximately $142 million for equity and venture capital investments. The Pennsylvania Department of Community and Economic Development (DCED) will distribute the new funds to eligible economic development partners, including the Ben Franklin Technology Partners (BFTP) network, which includes the Ben Franklin Technology Partners of Northeastern Pennsylvania.
As part of its ongoing partnership with DCED, Ben Franklin, a statewide economic development initiative that invests in and supports high-tech entrepreneurs and startups, as well as innovative manufacturers, will provide funding to qualifying businesses in the form of equity and equity-like investments.
“We are thankful to have these funds available to help Pennsylvania’s small businesses and entrepreneurs bring innovative ideas to market. We support companies that create the kind of sought-after jobs and salaries that allow us to attract and retain the best and brightest minds in our communities,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives. “When it comes to economic development, the choice is simple: We must continue to invest in the companies that create the highly paid, sustainable jobs that will bring top talent and economic prosperity to the Commonwealth.”
“We know seed- and early-stage technology companies seek supportive business technology ecosystems, and Ben Franklin has led and partnered to create an environment in Pennsylvania where companies can bring their ideas to life and thrive. We look forward to continued collaboration with members of Gov. Tom Wolf’s administration and our partners at DCED, which will help us support ventures that spur entrepreneurship, create good jobs, and generate tax revenue for the Commonwealth.”
Launched nearly 40 years ago, Ben Franklin serves all 67 counties through four regionally based centers in Bethlehem, Philadelphia, Pittsburgh, and State College, with satellite offices spread across the state.
Since its inception, Ben Franklin has invested in more than 4,500 technology-based companies and boosted the state’s economy by more than $25 billion, helping to generate 148,000 jobs through investments in client firms and spinoff companies in Pennsylvania. Independent economic analyses show that every dollar invested by the state into Ben Franklin generates $3.90 in additional state taxes.