Joint Opportunity Business Partnership Fund (JOB Partnership Fund)
Grant funds have been committed, and applications for grant funding for this program are no longer being accepted.
The Pennsylvania Department of Community & Economic Development (DCED), through the Joint Opportunity Business Partnership Fund (JOB Partnership Fund), shall provide loans to private equity partnerships for investment in Pennsylvania-related companies. The nature of the investments by the private equity partnerships shall be equity or convertible debt.
The JOB Partnership Fund will create flexible financing for private equity funds that will make equity investments into companies that will support Pennsylvania job growth and overall economic development and will be further leveraged at the project level by additional corporate and private investments.
Funding will be in the form of a Participating Loan Agreement to private equity partnerships. The ultimate beneficiary of the financing must be a Pennsylvania -related company which is defined as an entity with existing business operations located in Pennsylvania or an entity locating significant business operations in Pennsylvania. For purposes of this program, “significant business operations” of an entity is defined as an entity which has or will have as a result of the financing a simple majority of its employees and employees of the entity’s Pennsylvania affiliates, if applicable, located in Pennsylvania. “Affiliates” are entities located within Pennsylvania that directly or indirectly control or are controlled by or are under common control with the ultimate beneficiary of the financing.
The JOB Partnership Fund is a Commonwealth of Pennsylvania initiative intended to address the financing needs of Pennsylvania businesses by providing loans to private equity partnerships, leveraged at least 9:1 with private capital to provide financing for Pennsylvania-related companies.
The private equity partnership has or will open an office in Pennsylvania, staffed with at least one senior level partner and will maintain such office for the duration of the loan. In approving the application, DCED shall consider whether an applicant has had an office in Pennsylvania for at least the 12 months immediately preceding the date of the applicant’s application.
A Participating Loan Agreement will be entered into with the private equity partnership. Funds provided through this initiative must be leveraged 9:1 with private capital to provide financing for Pennsylvania-related companies. The private equity partnership shall have or will open a Pennsylvania office staffed with at least one senior level partner or principal and shall maintain such office for the duration of the loan.
How to Apply
In addition to applying on-line through the Department’s Single Application for Assistance, applicants must also provide two (2) complete printed applications, along with the required supplemental information and the signature page to:
Department of Community & Economic Development
C/O Technology Investment Office, Office of Innovation & Investment
JOB Partnership Fund
Commonwealth Keystone Building
400 North Street, 4th Floor
Harrisburg, PA 17120-0225
Customer Service Center, Single Application for Assistance