The PennZone

  • Home
  • Business
  • Health
  • Education
  • Construction
  • Financial
  • Legal
  • Entertainment
  • Music

Gov. Wolf: $246 Million Awarded to Support Small Businesses Across Pennsylvania
The PennZone/10199788

Trending...
  • New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient
  • From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
  • SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
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.

More on The PennZone
  • AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
  • Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
  • CLASS ACTION REMINDER: Berger Montague Advises Hims & Hers Health Inc. (NYSE: HIMS) Investors to Inquire About a Securities Fraud Lawsuit by August 25, 2025
  • Colbert Packaging Announces WBENC Recognition
  • SHI Cryogenics Group Launches Highest-Capacity Single-Stage Cryocoolers to Date

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.

More on The PennZone
  • DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
  • Federated Hermes Premier Municipal Income Fund declares dividend
  • Assent Expands Executive Team to Accelerate Global Growth & Innovation
  • The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
  • Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly

SHARE Email Facebook Twitter

Filed Under: Government, State

Show All News | Report Violation
0 Comments
1000 characters max.

Latest on The PennZone
  • The Waite Launches: A Curated Motherhood Marketplace For Every Stage
  • Affordable, High-Quality Care: Cheap Braces for Adults Available from Exeter Smiles in Reading
  • NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
  • Sci-Fi Novel from Pittsburgh Author Explores Love, Power, & Humanity in an Age of Artificial People
  • Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
  • Greenlight Networks to Acquire Loop Internet
  • Finding the Best AC Repair Service in Philadelphia
  • Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
  • BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
  • Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
  • Florida Broker Bent Danholm Featured in the Daily Mail's U.S. Real Estate Coverage
  • Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
  • Melissa B. Releases Digitally Independent: Empowering Music Artists with AI and Brand Strategy
  • Consumer Accountability Alliance Issues Formal Notice Alleging Proximate Liability for Medical Harm
  • Phillie Phanatic Joins the Together We Dance Foundation's Summer Dance Team to Celebrate Inclusion
  • Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
  • Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
  • CLASS ACTION NOTICE: Berger Montague Advises Hims & Hers Health Inc. (NYSE: HIMS) Investors to Inquire About a Securities Fraud Class Action
  • e4health Earns 2025-2026 Great Place To Work Certification™ for Fourth Consecutive Year
  • Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest

Popular on PennZone

  • INVESTIGATION ALERT: Berger Montague PC Investigates Coinbase Global, Inc.'s Board Of Directors For Breach of Fiduciary Duties (NASDAQ: COIN)
  • Innovative EDM Music Project, "Terms of War," Depicts an A.I. Takeover of Earth
  • Kemeny, Ramp & Renaud Expands Legal Team with Attorney Baruch Kraut
  • LIB Continuous Innovation: Custom Rain Test Chambers & IP Labs
  • New Bethany Acquires Former Diocesan Headquarters to Expand Services
  • Bethany Nikitenko Honored By Legal Intelligencer with Power Player Award
  • Continued Streak of Recognitions with Multiple Chambers and Partners Rankings
  • IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement
  • Edtech Startup Young Commanders Launches 'Visionaries Without Sight' Collection Celebrating Blind and Visually Impaired Historical Figures
  • JOSHWAY Launches Children's Book, "JOSHWAY and the Power of Resilience"

Similar on PennZone

  • Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
  • Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
  • The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
  • Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
  • Eolian Signs New Information Exchange Agreement with the U.S. Department of Defense for Technology Innovation
  • Despite Global Calls for a Ban, US Child Psychiatry Pushes Electroshock for Kids
  • Byrd Davis Alden & Henrichson Launches Independence Day Safe Ride Initiative with 500 Free Uber Credits
  • IRF Builders Forum Brings Global Leaders to Washington, D.C. to Advance Religious Freedom Through Cooperative Engagement
  • Nationally Recognized Hispanic Activist and Businessman, Luis Figueroa, to speak at CPAC Latino 2025, Showcasing Hispanic Leadership in Action
  • New Frontier Aerospace Successfully Tests Its Revolutionary Mjölnir Rocket Engine
Copyright © The PennZone | Theme: OMag by LilyTurf Themes
  • Contribute
  • Privacy Policy
  • Terms of Service
  • Contact Us