[reposted from TeamPA] Department of Community and Economic Development (DCED) Secretary C. Alan Walker announced the allocation of $29.2 million of funding from the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) to economic, community and technology development partners throughout Pennsylvania. The SSBCI program is part of the Small Business Jobs Act that was signed into law in September 2010. Funding will be allocated to 12 entities to support statewide and regional job generating programs, early-stage technology companies and Community Development Financial Institutions.
Among those of note to NWPA:
Bridgeway Capital is a DCED Community Development Financial Institution that serves businesses and nonprofits in Western Pennsylvania. The organization will receive $2 million in SSBCI funding to continue making entrepreneur and growth capital loans, and loans to nonprofits. The funding is projected to finance 510 loans, create nearly 2,600 jobs and attract over $97 million in private financing.
The Progress Fund is a DCED-certified Community Development Financial Institution serving 39 counties in Western and Northern Pennsylvania. The organization will receive $2 million of SSBCI funding to continue providing capital for rural, tourism-related projects. The funding is projected to finance 40 loans, and create 500 jobs.
The Pennsylvania Machinery and Equipment Loan Fund (MELF) is administered by DCED and designed to attract economic growth by providing low-interest loan financing for a portion of the cost of machinery and equipment purchases. To be eligible for MELF, businesses must commit to creating or retaining jobs. MELF will receive $9 million of SSBCI funding, projected to support a minimum of 13 projects and create at least 828 jobs.
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