Federal Funds to Support Small Business Job Creation

 This image is credited to Stuart Miles on FreeDigitalPhotos.net.

The Pennsylvania Department of Community and Economic Development (DCED) recently announced the allocation of $29.2 million of funding from the U.S. Department of the Treasury's State Small Business Credit Initiative to economic, community and technology development partners in Pennsylvania. 

A full outline of the allocations are listed on DCED's website in the official announcement.  Here are some of the notable allocations:

  • $5 Million - Ben Franklin Technology Development Partners and the Life Science Greenhouses.  These are non-profit economic development intermediaries created by the state to accelerate innovation, economic growth and jobs in the high technology economy.  Expected to finance 17 early-stage Pennsylvania technology companies and create 163 high-paying jobs.
  • $2 Million - Philadelphia Industrial Development Corporation.  PIDC is a non-profit economic development corporation created as a joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce to plan and implement real estate and financing transactions that attract investment, jobs and tax ratables to the City of Philadelphia.  This funding is projected to support 4 projects and create at least 40 jobs.
  • $9 Million - Pennsylvania Machinery and Equipment Loan Fund.  MELF is designed to stimulate growth and assist in the retention of Pennsylvania businesses by providing low interest loan financing for a portion of the cost of machinery and equipment purchases to eligible businesses that commit to creating or retaining jobs.  This new funding is projected to support 13 projects and create at least 828 jobs.
  • $262,500 - Economic Opportunities Fund of the Women's Opportunity Resource Center.  The Economic Opportunities Fund offers loans, investment products and services to low-income and underserved populations in the Philadelphia Metropolitan Area looking to start or expand their businesses, with a special focus on women and minorities.  This new funding is projected to finance 39 loans and create 26 jobs.

 

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