A partnership between the federal and state government will result in $29.2 million in funding for small businesses in Pennsylvania.
The money - more than $11.2 million of which will be allocated to economic, community and technology development agencies in the Philadelphia region - is coming from the U.S. Department of the Treasury's State Small Business Credit Initiative. That is part of the Small Business Jobs Act of September 2010.
"The Corbett administration is committed to supporting our small businesses, and the best way to do that is by partnering with the private sector to maximize resources," said C. Alan Walker, secretary of the state Department of Community and Economic Development.
After consulting with its development partners on funding gaps that exist for small businesses, DCED determined that the best approach was to give those agencies - groups that regularly interact with small businesses - a portion of the federal funding, DCED said.
Doing that rather than appropriating the entire funding to existing state programs would result in greater job creation and private investment in Pennsylvania, DCED officials decided.
Local recipients and the funding they will receive are:
Ben Franklin Technology Development Partners and the Life Science Greenhouses; $5 million.
Economic Opportunities Fund of the Women's Opportunity Resource Center; $262,500.
Pennsylvania Industrial Development Corporation; $2 million.
Southeastern Economic Development Corporation; $2 million.
Community First Fund; $2 million.