Today Governor Tom Wolf announced funding allocations through the State Small Business Credit Initiative (SSBCI) and the Altoona Blair County Development Corporation (ABCD Corp.) was allocated $4 million. ABCD Corp. was one of only twenty-one economic development organizations throughout the Commonwealth that was awarded an allocation under the SSBCI program.
“This is an exciting opportunity to enhance our revolving loan fund offerings for businesses across the commonwealth,” said Tom Seasoltz, CFO of ABCD Corp. ABCD Corp. was awarded a $2 million allocation in 2012 under the first round of SSBCI funding. That program was overwhelmingly successful, resulting in private investment match of over $50 million, the creation of 130 jobs and the retention of another 247 jobs.
“Our organization will look to utilize this funding in much the same way this time around, again providing gap financing for projects that show significant investment in our communities while creating and retaining jobs,” added Seasoltz. “We are also committed to allocating a portion of these dollars to Socially and Economically Disadvantaged Individuals and Businesses to help create and expand opportunities in distressed neighborhoods across the Commonwealth and especially here in Blair County.”
“With this new funding source, ABCD Corp will create a self-sustaining loan program that will provide low interest loan financing to companies for land and building acquisition, equipment purchases, renovations and new construction projects for years to come,” said Steve McKnight, Pres/CEO of ABCD Corp.
Contact Tom Seasoltz for more information on the program and how it can help your project’s funding.
Governor Wolf’s Press Release:
September 13, 2022
Governor Tom Wolf today announced that Pennsylvania has awarded $246.8 million in American Rescue Plan funding, through the State Small Business Credit Initiative (SSBCI), to local economic development partners to make direct equity investments and loans to small businesses to spur success and job creation opportunities across the commonwealth.
“The dollars awarded today will help businesses that are small, socially and economically disadvantaged, and those in the innovation and technology sector grow and thrive,” said Gov. Wolf. “This funding aligns perfectly with my continued commitment to support businesses in Pennsylvania.”
The Pennsylvania Department of Community and Economic Development (DCED) is responsible for distributing the funds to eligible economic development partners who will administer the funding to qualifying businesses.
Funding was distributed equitably across the commonwealth, taking population data and the organizations serving each county into consideration to ensure that eligible businesses – in all 67 counties across Pennsylvania – will have access to either loans or equity investments.
The Direct Venture Investment program provides funding to economic development organizations in the commonwealth to provide seed and later-stage capital for existing and emerging companies involved in the development and commercialization of technologically advanced products and processes. Nearly $123 million in Direct Venture Investment funding has been awarded to the following:
- Ben Franklin Technology Partners Central & Northern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Northeastern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Southeastern Pennsylvania – $19,678,479
- Innovation Works, Inc. – $19,678,479
- BioAdvance (Biotechnology Greenhouse Corporation of Southeastern Pennsylvania) – $14,758,859
- LifeX Greenhouses, Inc. – $14,758,859
- Life Sciences Greenhouse of Central Pennsylvania – $14,758,859
The Revolving Loan Fund program provides funding to economic development organizations to create or recapitalize revolving loan funds to support financing for Pennsylvania small businesses. More than $123.8 million in Revolving Loan Funds has been awarded to the following:
- Altoona-Blair County Development Corporation – $4,000,000
- Chester County Economic Development Council – $20,000,000
- Clearfield County Economic Development Corporation (Clearly Ahead Development) – $1,122,500
- Cumberland Area Economic Development Corporation – $211,650
- Economic Growth Connection of Westmoreland – $3,500,000
- EDC Finance Corporation – $5,071,000
- Economic Progress Alliance of Crawford County – $1,122,500
- Lawrence County Economic Development Corporation – $1,122,500
- Montgomery County Redevelopment Authority – $2,000,000
- Mon Valley Alliance – $750,000
- NYBDC Local Development Corporation (Pursuit) – $10,200,000
- Northeastern Economic Development Company – $5,000,000
- North Central Pennsylvania Regional Planning and Development Commission – $2,040,000
- Northern Tier Regional Planning and Development Commission – $1,475,000
- Northwest Commission – $1,020,000
- Pennsylvania CDFI Network – $45,000,000
- Renewable Manufacturing Gateway – $1,020,000
- SEDA – Council of Governments – $6,000,000
- The Progress Fund – $7,140,000
- Women’s Opportunities Resource Center – $1,020,000
- York County Economic Development Corporation – $5,000,000
Capital programs administered by economic development partners are scheduled to be open by October 17, 2022. Small businesses will apply for funding through their economic development organizations.
Since the beginning of his administration, Gov. Wolf has supported small businesses in the commonwealth. In 2018, the Wolf Administration launched the PA Business One Stop Shop which serves as the go-to resource for planning, registering, operating, and growing a small business in Pennsylvania.
Additional support includes:
- The Pennsylvania Minority Business Development Authority, which provides low-interest loans to businesses owned and operated by ethnic minorities.
- The Small Diverse Business Capital Access Program, which provides low-interest loans and lines of credit to small diverse businesses that commit to creating and retaining full-time jobs within the commonwealth.
- Support to small businesses in their recovery from the COVID-19 pandemic by previously allocating $225 million for Small Business Assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
For more information about SSBCI funding, visit the Department of Community and Economic Development website.
Gov. Wolf has served for two terms as a leader consistently at work for the people of Pennsylvania. Learn more about how his Priorities for Pennsylvania have fueled the commonwealth’s comeback, leaving Pennsylvania in a much better place than when he arrived.
