Pennsylvania has awarded $246.8 million in American Rescue Plan funding, through the State Small Business Credit Initiative (SSBCI), to local economic development partners to make direct equity investments and loans to small businesses.
Gov. Tom Wolf today said the funding is to spur success and job creation opportunities across the state.
“The dollars awarded today will help businesses that are small, socially and economically disadvantaged, and those in the innovation and technology sector grow and thrive,” Wolf said.
The Pennsylvania Department of Community and Economic Development (DCED) is responsible for distributing the funds to eligible economic development partners who will administer the funding to qualifying businesses.
Funding was distributed equitably across the commonwealth, taking population data and the organizations serving each county into consideration to ensure that eligible businesses in all 67 counties will have access to either loans or equity investments, Wolf said.
The Direct Venture Investment program provides funding to economic development organizations in the commonwealth to provide seed and later-stage capital for existing and emerging companies involved in the development and commercialization of technologically advanced products and processes. Included in the nearly $123 million in Direct Venture Investment funding are the following:
- Ben Franklin Technology Partners Central & 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
- BioAdvance (Biotechnology Greenhouse Corporation of Southeastern Pennsylvania) – $14,758,859
- LifeX Greenhouses, Inc. – $14,758,859
The Revolving Loan Fund program provides funding to economic development organizations to create or recapitalize revolving loan funds to support financing for Pennsylvania small businesses. Included in the more than $123.8 million in Revolving Loan Funds are:
- Cumberland Area Economic Development Corporation – $211,650
- EDC Finance Corporation – $5,071,000
- Montgomery County Redevelopment Authority – $2,000,000
- Pennsylvania CDFI Network – $45,000,000
- SEDA – Council of Governments – $6,000,000
- 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 be open by Oct. 17. Small businesses will apply for funding through their economic development organizations.