Wolf Administration Announces Additional Technology Industry Funding

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin, in partnership with the Ben Franklin Technology Development Authority (BFTDA), awarded nearly $1.5 million in grants to each of the four Ben Franklin Technology Partners (BFTPs), which will provide funds to businesses for access to capital, business expertise, and technology commercialization services to advance the development of new technologies.

“Our commonwealth’s economy is in active recovery from COVID-19 related impacts, and this funding will continue to support Pennsylvania’s technology companies as they move forward,” said Sec. Davin. “This industry has been an innovative leader in responding to the needs of the state as we navigate the COVID-19 pandemic, so continuing to support their efforts is critical.”

The BFTDA, through the Venture Investment Program, also approved $1 million in funding to Riverfront Ventures II, LLC. Riverfront Ventures works alongside Innovation Works of Pittsburgh, a BFTP, to invest in early-stage technology companies.

The BFTDA board also approved the extension of its COVID-19 Venture Loan Program (BCVL). The program, which was created in April to help businesses impacted by COVID, will be extended through September. The BCVL program is designed to provide emergency funding to BFTDA-sponsored start-ups struggling with coronavirus-related issues.

For the most up-to-date information on COVID-19, Pennsylvanians should follow the Governor’s website and the Department of Heath website.

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:
Casey Smith, DCED, casesmith@pa.gov

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