September 13, 2022
Harrisburg, PA – 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.
Gov. Wolf has served for two terms as a leader consistently at work for the people of Pennsylvania. Learn more about how his Priorities for Pennsylvania have fueled the commonwealth’s comeback, leaving Pennsylvania in a much better place than when he arrived.
For more information about the Department of Community and Economic Development, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.
MEDIA CONTACT: Elizabeth Rementer, Governor’s Office, ra-gvgovpress@pa.gov, 717.783.1116 Penny Ickes, DCED, dcedpress@pa.gov
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covid-19 DCED Funding Governor Tom Wolf Pennsylvania Minority Business Development Authority PMBDA SDBCA Small Business Credit Initiative Small Diverse Business Capital Access Program SSBCI