Ben Franklin’s New ReStart Initiative Targets Counties in Central & Northern PA
STATE COLLEGE, PA – Ben Franklin Technology Partners/CNP is pleased to announce the ReStart initiative; a new program that will quickly begin investing $2 million in tech-startups and small manufacturers adversely affected by the COVID-19.
By matching the generous support of $1 million in capital from the Pennsylvania Department of Community and Economic Development (DCED), Ben Franklin has created a $2 million pool of capital designed to support and sustain existing portfolio companies while also re-energizing product development and sales/marketing efforts. Investments ranging from $25,000 to $100,000 will be available at zero percent interest for up to three years.
Ben Franklin/CNP encourages the development of new products whose demand emerges from the recovery of the economy from COVID-19. Special consideration will be given to those clients whose products are related to medical devices, testing apparatus, or services needed to combat future pandemics.
Stephen Brawley, President/CEO of Ben Franklin, commented, “The financial health of our portfolio clients, many of whom are just beginning to hire and get traction in their respective markets, is very important to us. This new pool of capital will be deployed to help sustain their efforts while also encouraging the development of new products and services in the 32 counties we support. Many thanks to the foresight and generosity of the DCED.”
We Invest in Innovation
The largest early-stage investor in our region, Ben Franklin Technology Partners/CNP, (an initiative of the Pennsylvania Department of Community and Economic Development and funded by the Ben Franklin Technology Development Authority) provides funding and business support services to emerging tech-based companies and small, existing manufacturers.www.cnp.benfranklin.org.