Ben Franklin News
Ben Franklin to Invest $220,000 in Regional Economy
Investments in 2 Early-Stage Technology Firms and 5 Established Manufacturers
The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $220,000 in support of regional economic development. BFTP/NEP announces the following early-stage company investments that are provided in the form of loans with warrants.
Ethnic Beauty Store, LLC, http://gamefacegrooming.com, East Stroudsburg University Innovation Center, East Stroudsburg, Monroe County
Ben Franklin Investment: $65,000
Expand retail distribution of Ethnic Beauty Store’s proprietary Game Face Grooming product line and boost corresponding marketing efforts. The line is currently comprised of four extra-large-sized wipes, targeted to men who are seeking skincare products that are simple to use. The wipes are fully biodegradable/compostable, have 98.5% natural ingredients, and are made in the U.S.
Skillion, LLC, http://www.skillionbikes.com, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $40,000
Complete development of Skillion’s mobile app for remotely monitoring and controlling an electronic bike (e-bike) to prevent theft and/or manage e-bike rentals. Both the American and European e-bike markets are expected to grow significantly over the next five years, particularly in urban centers, creating the need for technology to support the sector.
Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
C. F. Martin & Company, Inc., www.martinguitar.com, Nazareth, Northampton County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Improve the accuracy of sales forecasting by applying advanced analytics to internal sales data and integrating external econometric, manufacturing, and government research. C. F. Martin designs and manufactures premium stringed musical instruments and musical instrument strings. Enhanced demand forecasting will lead to increased sales and improved operational planning.
East Coast Erosion Control, www.eastcoasterosion.com, Bernsville, Berks County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Improve back-end processes to enhance customer delivery performance, reduce cost-of-goods sold, increase efficiency, and maximize production capacity at this manufacturer of erosion control products, turf reinforcement mats, and hydro-mulches for the construction industry. East Coast Erosion is one of the largest producers of erosion blankets and other erosion products in the U.S. This upgrade will provide a competitive advantage and facilitate continued growth.
Lamtec Corporation, www.lamtec.com, Mt. Bethel, Northampton County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Complete the design of a new material handling system and take necessary steps to improve the company’s manufacturing changeover process. Lamtec is a global supplier of insulation vapor retarders and facings to leading manufacturers, laminators, and fabricators of fiberglass, rock wool, foam board, and tape.
Material Solution Services, http://www.coregrouppa.com/, Northampton, Northampton County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Complete the formulation of new composite materials that can be used for general fill in land development, construction material, and mine reclamation. The composites will recycle various waste products in conjunction with a binding agent to reclaim abandoned sites for safe and productive reuse.
Mt. Everetts Frozen Creations, www.mteveretts.com, Wilkes-Barre, Luzerne County
Ben Franklin Investment: $15,000
University Partner: Wilkes University
Complete the design and layout of new manufacturing space for the production of proprietary new Italian ice, ice cream, and other frozen desserts. The design plan will address current and future capacity requirements.
Coverage via Lehigh Valley Business
