New funding available for tech-based companies impacted by coronavirus in PA

In Pennsylvania, the Department of Community and Economic Development (DCED) announced last week that new funding is available to help technology-based companies impacted by COVID-19. In recognizing that the state’s tech companies have been stepping up to provide innovative ways to produce personal protective equipment and other supplies, DCED Secretary Dennis Davin said in a release that “we must make sure they remain in a position to provide those critical services and ideas in our response to this pandemic.”

The Ben Franklin Technology Development Authority (BFTDA) approved the disbursement of $1 million in funding to each of the four Ben Franklin Technology Partners (BFTP), which will then match that funding with $1 million. Each BFTP will identify eligible projects and will provide capital to existing startup clients experiencing hardships due to the impact of COVID-19.

Additional funding opportunities are available through the Venture Capital Revolving Loan Account, which can be used to make loans to venture capital funds that invest in technology companies in Pennsylvania. BFTDA venture managers will be required to identify specific COVID-19 impacted companies that, by way of the BFTDA capital infusion, will have an opportunity to remain in operation through this economic downturn.

DCED also announced that Manufacturing Innovation Program (MIP) funds are available to encourage and assist university researchers as they work to mitigate the spread of COVID-19 through the COVID-19 Challenge program.