Governor Tom Wolf today announced that 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 to spur success and job creation opportunities across the commonwealth.
“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,” said Gov. Wolf. “This funding aligns perfectly with my continued commitment to support businesses in Pennsylvania.”
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 across Pennsylvania – will have access to either loans or equity investments.
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. Nearly $123 million in Direct Venture Investment funding has been awarded to 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
- Life Sciences Greenhouse of Central Pennsylvania – $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. More than $123.8 million in Revolving Loan Funds has been awarded to the following:
- Altoona-Blair County Development Corporation – $4,000,000
- Chester County Economic Development Council – $20,000,000
- Clearfield County Economic Development Corporation (Clearly Ahead Development) – $1,122,500
- Cumberland Area Economic Development Corporation – $211,650
- Economic Growth Connection of Westmoreland – $3,500,000
- EDC Finance Corporation – $5,071,000
- Economic Progress Alliance of Crawford County – $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 (Pursuit) – $10,200,000
- Northeastern Economic Development Company – $5,000,000
- North Central Pennsylvania Regional Planning and Development Commission – $2,040,000
- Northern 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 – Council of Governments – $6,000,000
- The Progress Fund – $7,140,000
- 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 October 17, 2022. Small businesses will apply for funding through their economic development organizations.
Since the beginning of his administration, Gov. Wolf has supported small businesses in the commonwealth. In 2018, the Wolf Administration launched the PA Business One Stop Shop which serves as the go-to resource for planning, registering, operating, and growing a small business in Pennsylvania.
Additional support includes:
- The Pennsylvania Minority Business Development Authority, which provides low-interest loans to businesses owned and operated by ethnic minorities.
- The Small Diverse Business Capital Access Program, which provides low-interest loans and lines of credit to small diverse businesses that commit to creating and retaining full-time jobs within the commonwealth.
- Support to small businesses in their recovery from the COVID-19 pandemic by previously allocating $225 million for Small Business Assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
For more information about SSBCI funding, visit the Department of Community and Economic Development website.\
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