U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $1.7 million grant to the Ben Franklin Technology Partners of Northeastern Pennsylvania to expand capacity at the TechVentures incubator. According to the grantee, this project will create 112 jobs, save 82 jobs, and generate more than $61 million in private investment.
“As America’s Innovation Agency, the Commerce Department works to create the conditions for our entrepreneurs, companies, and communities to thrive,” said Secretary Pritzker. “The EDA investment announced today will cultivate innovation in Northeastern Pennsylvania, creating new opportunities for the region.”
EDA’s investment will help fund the construction of a 14,500 square foot expansion to the existing 47,000 square foot TechVentures facility, including additional office and meeting space to accommodate the growing demand of incubating entrepreneurs. According to the grantee, the expansion will enable enhanced regional competition and the creation and retention of high-value, sustainable, technology based-jobs and investment.
The Economic Development Administration marks 50 years of public service, leading the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
For more information, visit: nep.benfranklin.org/incubator-network/ben-franklin-techventures