Administration Announces Additional Technology Industry Funding
Harrisburg, PA – Today,
Department of Community and Economic Development (DCED) Secretary Dennis
Davin, in partnership with the Ben Franklin Technology Development
Authority (BFTDA), awarded nearly $1.5
million in grants to each of the four Ben Franklin Technology Partners
(BFTPs), which will provide funds
to businesses for access to capital, business expertise, and technology
commercialization services to advance the development of new technologies.
“Our commonwealth’s economy is in active recovery from
COVID-19 related impacts, and this funding will continue to support
Pennsylvania’s technology companies as they move forward,” said Sec. Davin.
“This industry has been an innovative leader in responding to the needs of
the state as we navigate the COVID-19 pandemic, so continuing to support
their efforts is critical.”
The BFTDA, through the Venture Investment Program, also
approved $1 million in funding to Riverfront Ventures II, LLC. Riverfront
Ventures works alongside Innovation Works of Pittsburgh, a BFTP, to invest
in early-stage technology companies.
The BFTDA board also approved the
extension of its COVID-19 Venture
Loan Program (BCVL). The program, which was created
in April to help businesses impacted by COVID, will be extended through
September. The BCVL program is designed to provide emergency funding to
BFTDA-sponsored start-ups struggling with coronavirus-related issues.
For the most up-to-date information on COVID-19,
Pennsylvanians should follow www.governor.pa.gov and www.doh.pa.gov.
MEDIA CONTACT: Casey