The Ben Franklin Technology Partners of Northeastern Pennsylvania's board of directors announced it is investing $315,700 in support of regional economic development.
BFTP/NEP's goal is to help lead Northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage.
BFTP/NEP owns and manages Ben Franklin TechVentures, an award-winning business incubator/post-incubator facility on Lehigh University's campus in Bethlehem where it is headquartered.
The following early-stage company investments have been provided to local clients in the form of loans:
• Cerora Inc., Ben Franklin TechVentures, Bethlehem, Northampton County. Ben Franklin Investment: $50,000
• EggZack, Ben Franklin TechVentures, Bethlehem, Northampton County. Ben Franklin Investment: $48,000
The following established manufacturers received investments in their company, as well. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
• Consolidated Storage Companies Inc., Tatamy, Northampton County. University Partner: Lehigh University's Enterprise Systems Center. Ben Franklin Investment: $25,000
• EcoTech Marine LLC, (www.ecotechmarine.com), Allentown, Lehigh County University Partner: Lehigh University's Enterprise Systems Center. Ben Franklin Investment: $22,700
Since beginning operation, BFTP/NEP has helped to create 15,479 new jobs for Pennsylvania workers and to retain 21,459 existing jobs, to start 429 new companies, and to develop 1,127 new products and processes. 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.