Investing in Local Innovations, Transforming Mercer County’s Economic Landscape
Innovation knows no boundaries, and we firmly believe that the brightest ideas for growth and transformation are rooted right here in Mercer County. The Mercer County Innovation Fund (MCIF) is a dynamic collaboration between the Penn-Northwest Development Corporation and Ben Franklin Technology Partners of Central and Northern Pennsylvania. Our shared mission is to invigorate economic growth and job creation within Mercer County by providing vital support to local tech-based startups and small manufacturers in the process of pioneering new products and processes.
BEN FRANKLIN’S BRIAN SLAWIN (LEFT) RECEIVES A CHECK FROM PENN NORTHWEST’S EXECUTIVE DIRECTOR, ROD WILT TO CAPITALIZE THE MERCER COUNTY INNOVATION FUND.
The MCIF distinguishes itself by investing in two specific types of companies:
We are eager to support manufacturing companies in Mercer County classified as small businesses, with fewer than 500 employees, provided they have innovative new products, processes, or market strategies that are likely to enhance competitiveness and foster new business prospects.
Our support extends to early-stage companies with a significant presence in Mercer County, PA, who face challenges securing traditional financing sources. These companies should demonstrate a concrete plan for technology development, a credible commercialization strategy, matching funds at a minimum one-to-one level, and a strong likelihood of generating new employment opportunities and wealth within Mercer County.
MCIF portfolio companies enjoy access to a comprehensive array of business support services offered by Ben Franklin Technology Partners / Central & Northern Pennsylvania at no cost. These services include:
We are deeply invested in Mercer County’s success. Any company that benefits from MCIF investment and subsequently relocates its headquarters, senior leadership, or significant staff presence outside of Mercer County will be required to repay those funds in full. Our fund is a $1,000,000 investment pool designed to accommodate companies seeking up to $100,000 in startup or growth capital.
Typically, approved companies will receive a Convertible Note investment, and specific details about the note can be obtained from our portfolio manager. Companies seeking equity investments are also encouraged to express their interest in the MCIF.
The MCIF represents a collaborative effort, and it’s not just about us. Local partners, including the Shenango Valley Enterprise Zone, Community Hope Investment Partnership Group, Greenville Area Economic Development Corp., and the City of Hermitage, have contributed to this fund, reflecting the collective commitment to local economic development.
Entrepreneurial Pursuits: Beyond his inventions, Franklin was also a successful entrepreneur. He founded the first subscription library in America, the Library Company of Philadelphia, demonstrating his commitment to promoting education and literacy. He also established the American Philosophical Society, a learned society for the promotion of scholarly research.
200 Innovation Boulevard
Suite 150, State College, PA 16803
The Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
Ben Franklin Technology Partners/CNP actively seeks the value brought by diversity in entrepreneurship and business. We welcome participation by all in our investments, programs and services, and we strive for inclusiveness of all in interactions with our team, our clients and our prospects. Like our namesake, we embrace the uniqueness of the individual regardless of their background, personal history or path to us
We encourage those with disabilities to participate in our programs and activities. If you anticipate needing any type of accommodation or have questions about the physical access provided, please phone our central office at 814-863-4558 in advance of your participation or visit.
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