PA Department of Community and Economic Development
The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds.
400 North Street Harrisburg Pennsylvania 17120 United States
Whether you are a company searching for venture capital or a venture fund interested in investing in Pennsylvania businesses, DCED has programs and relationships in the venture community to help. From early stage to commercialization, Pennsylvania’s extensive network of angels, VC funds and loan and grant programs are committed to growing promising businesses in the commonwealth.
Venture Capital Funds
Through venture programs via the Commonwealth Financing Authority (CFA) (link) and the Ben Franklin Technology Development Authority (BFTDA) (link) the Department of Community and Economic Development (DCED) has developed relationships with funds that cover a wide range of industry sectors. It’s important to research the right firm for your business, keeping in mind factors such as location, industry expertise, investment range and investment stage.
Venture Capital Partners
Pennsylvania Angel Network (PAN)
The Pennsylvania Angel Network (PAN) provides resources and support to the angel community throughout Pennsylvania. By linking state and regional networks together, it allows for better coordination and cooperation between the groups, as well as between economic development organizations, technology transfer, venture firms and strategic sponsors.
Innovate in PA supports Pennsylvania’s entrepreneurial community by infusing much needed capital into the marketplace, enhancing the ability to create new jobs, increase revenues, attract additional capital, while increasing the state’s tax revenues for years to come. The capital, generated through the sale of deferred insurance premium tax credits to qualified buyers, will be allocated to DCED’s economic development partners in accordance with the enabling legislation.
The Program is a $60 million fund designed to provide loans to venture capital companies looking to make investments in companies located in the Commonwealth. Nearly fully deployed it allocated 50% of the funds available to venture capital partnerships which operate locations in historically underserved areas of Pennsylvania.
As of June 1, 2015, $2,525,000 remains uncommitted.