Governor Tom Wolf today announced that Pennsylvania, through the State Small Business Loan Initiative (SSBCI), has provided $246.8 million in U.S. Rescue Plan funding to local economic development partners to direct equity investments and loans to encourage small business success and job creation. throughout the common country.
“The dollars awarded today will help small, socially and economically disadvantaged businesses and those in the creative and technology sectors grow and prosper,” he said. “This funding aligns perfectly with my continued commitment to supporting businesses in Pennsylvania.”
The Pennsylvania Department of Community and Economic Development (DCED) is responsible for distributing the funds to eligible economic development partners that administer the funds to eligible businesses.
Funding is distributed fairly across the Commonwealth, taking into account population data and the organizations serving each county to ensure that eligible businesses in all 67 counties in Pennsylvania have access to loan or equity investments.
The Direct Venture Investment Program provides funding to economic development organizations in the Commonwealth to provide seed and later capital to existing and emerging companies engaged in the development and commercialization of technologically advanced products and processes. Approximately $123 million in direct venture investment funding has been awarded to:
- Ben Franklin Technology Partners Central and Northern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Northeastern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Southeastern Pennsylvania – $19,678,479
- Innovation Works, Inc. – 19,678,479 dollars
- Bioadvance (Southeastern Pennsylvania Biotechnology Greenhouse Corporation) – $14,758,859
- LifeX Greenhouse, Inc. – $14,758,859
- Central Pennsylvania Life Sciences Greenhouse – $14,758,859
The Revolving Loan Fund Program provides financial assistance to economic development organizations to create or re-establish a revolving loan fund to support financing for Pennsylvania small businesses. Over $123.8 million in revolving credit funds have been provided to:
- Altoona-Blair County Development Corporation – $4,000,000
- Chester County Economic Development Council – $20,000,000
- Clearfield County Economic Development Corporation (Clear Future Development) – $1,122,500
- Cumberland Area Economic Development Corporation – $211,650
- Westmoreland Economic Development Association – $3,500,000
- EDC Finance Corporation – $5,071,000
- Crawford County Economic Development Alliance – $1,122,500
- Lawrence County Economic Development Corporation – $1,122,500
- Montgomery County Redevelopment Authority – $2,000,000
- Mon Valley Alliance – $750,000
- NYBDC Local Development Corporation (Chase) – $10,200,000
- Northeast Economic Development Company – $5,000,000
- North Central Pennsylvania Regional Planning and Development Commission – $2,040,000
- North Tier Regional Planning and Development Commission – $1,475,000
- Northwest Commission – $1,020,000
- Pennsylvania CDFI Network – $45,000,000
- Renewable Manufacturing Gateway – $1,020,000
- SEDA – Government Council – $6,000,000
- Fund of the process – 7,140,000 dollars
- Women’s Opportunities Resource Center – $1,020,000
- York County Economic Development Corporation – $5,000,000
Capital programs administered by economic development partners are scheduled to open on October 17, 2022. Small businesses apply for funding through their economic development agencies.
Since the beginning of his administration, Gov. Wolff has supported small businesses in the Commonwealth. In the year In 2018, the Wolf Administration launched the PA Business One Stop Shop to serve as a resource for planning, registering, operating and growing small businesses in Pennsylvania.
Additional support includes:
For more information about SSBCI funding, visit the Department of Community and Economic Development website.
Gov. Wolf has served two terms as a consistent leader at work for the people of Pennsylvania. Learn more about how his priorities for Pennsylvania worsened his return to the Commonwealth, leaving Pennsylvania better off than when he arrived.
