New PA Venture Capital Investment Program


Loans to venture capital partnerships to invest in growth-stage PA companies.


Investment in young job-producing companies; Investments must be made in underserved areas of PA, defined as outside the Phila. MSA and those with populations below 1 million.


Venture Capital Investment Firms


To be determined by the Commonwealth Financing Authority.

Purpose of Funding
  • Working Capital

Refer to the program guidelines.

How to Apply

Refer to the program guidelines.


What exactly is the New PA Venture Capital Investment Program?
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. It will allocate 50% of the funds available to venture capital partnerships which operate locations in historically underserved areas of Pennsylvania. These areas are defined as counties outside of the Philadelphia MSA and those with populations below 1 million. The Program will also insure that 50% of the funds are invested in these areas.The program also requires a match by the VC of three dollars of investment into PA companies for every one dollar the Commonwealth provides. This creates $240 million in investment capital for PA companies.

What is an example of how a company could benefit from the Program?
This program will increase the amount of venture capital available in the Commonwealth and will allow more of our young businesses to receive the financing they need to create jobs.

Why was the Program created?
Pennsylvania already has made commitments to fostering innovation through programs like the Ben Franklin Partners and the Life Science Greenhouses. Prior to the creation of the New PA Venture Capital Investment Program, many of the companies graduating from these assistance programs have struggled to find follow-on financing. The New PA Venture Capital Program will enable them to more readily find this financing and focus on growing their business.

How does the Program help growth-stage companies?
Venture capital and equity investments are one of the main components to growing a new company in an innovation economy. By creating this program the Commonwealth will insure that more companies get the financing they need and are not forced to look to other states for more supportive environments.

Does the New PA Venture Capital Investment Program replace any existing efforts?
No, this Program was created to fill a documented gap in the continuum of financing and services that are available to startup companies in the Commonwealth. Venture capital partnerships receiving these loans will be required to work with the existing network of economic development organizations in Pennsylvania.

What department will provide the program guidelines?
The Department of Community and Economic Development has developed the guidelines and they are available on this site.

When can my venture capital partnership apply?
Partnerships can begin to apply in summer 2004.

Back To Top