Ben Franklin Technology funding approved to promote business growth
The Ben Franklin Technology Development Authority approved funding the four Ben Franklin Technology Partners with $14 million to provide technology-based economic development support for entrepreneurs.
An initiative of the state Department of Community and Economic Development and the Ben Franklin Technology Development Authority, Ben Franklin Technology Partners is one of the nation’s longest-running, technology-based economic development programs, the state said in a news release.
Gov. Tom Corbett announced the funding today.
The centers provide investment capital, operational assistance and entrepreneurial support to emerging technology-based companies and small, existing manufacturers for the purpose of creating and retaining jobs in Pennsylvania.
In 2013, the four Ben Franklin centers helped client companies create 1,365 jobs, retain 951 jobs and secure more than $468 million of additional financing to support new growth and development, the release said. During that same time, 98 new companies were formed, 318 new products and processes were launched by client companies, and 118 patents and software copyrights awarded. Client companies reported more than $412 million in sales revenues generated.
The regional Ben Franklin centers are located in University Park (central/northern), Bethlehem (northeast), Philadelphia (southeast) and Pittsburgh (southwest).
“Throughout Pennsylvania there are thousands of men and women working at family-sustaining jobs because of the Ben Franklin Program,” Corbett said. “The results of our investment in these four outstanding partners are impactful and the effect on Pennsylvania’s economy is transformational.”
In 1982, four regional Advanced Technology Centers were formed and evolved into today’s BFTP. For more information about the BFTDA, or other community and economic development programs, visit the website or call 1-866-466-3972.