DCED Announces Next Phase of Innovate in PA with Disbursement of $14.5 Million to Support Early-Stage Businesses

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Pennsylvania Department of Community & Economic Development

Jul 20, 2016, 12:23 ET

HARRISBURG, Pa., July 20, 2016 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced that $14.5 million was received in conjunction with the Department's Innovate in PA initiative. Today's receipt of funds marks the third of six payments to be received at the Department and transferred to the Ben Franklin Technology Development Authority (BFTDA).

"Innovate in PA was a bi-partisan effort that is being led by the Department's Office of Technology & Innovation, said Secretary Davin. Innovate in PA allows our strategic partners to make investments in our technology-enabled businesses, allowing those businesses to grow, expand and create or retain highly-skilled sustainable jobs. These businesses then generate payroll, sales, business and corporate income tax revenues in the commonwealth."

Funds generated from the 2015 sale of $100 million of insurance premium tax credits flow through the BFTDA to the four Ben Franklin Technology Partners, Pennsylvania's three Life Sciences Greenhouses, and the BFTDA's Venture Investment Program.

This third payment will be disbursed in accordance with the enabling legislation as follows:

$7,250,000 for the Ben Franklin Technology Partners
$725,000 for the Life Science Greenhouses
$6,525,000 for the Venture Investment Program

"Pennsylvania has a very robust and dedicated ecosystem and Innovate in PA provides that ecosystem with much needed capital to support the constant demand for funding that our businesses need to grow and be competitive in our global economy," said Sheri Collins, Deputy Secretary for the Office of Technology and Innovation. "Revenues generated through the sale of the insurance premium tax credits will continue to be received at the Department through January 2018 and deployed to our strategic partners accordingly."

For more information about Innovate in PA and other DCED initiatives, visit www.newPA.com.

MEDIA CONTACT: Heidi Havens, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development