ACTING U.S. SECRETARY OF COMMERCE, SBA ADMINISTRATOR, MAYOR NUTTER ANNOUNCE FEDERAL FUNDING FOR ENTREPRENEURS AND SMALL BUSINESSES
PHILADELPHIA, September 13, 2011 – Acting U.S. Secretary of Commerce Rebecca Blank, Small Business Administration (SBA) Administrator Karen Mills, Philadelphia Mayor Michael A. Nutter and Gururaj “Desh” Deshpande, Co-Chairman of the National Advisory Council on Innovation and Entrepreneurship (NACIE), celebrated new federal support for innovative entrepreneurs, small businesses, research and commercialization innovation at a meeting of NACIE. Administrator Mills acknowledged two Pennsylvania winners, out of twenty across the country, of the SBA’s new, competitive Intermediary Lending Pilot (ILP) Program. Philadelphia was the only city in the nation with two organizations receiving funds through the ILP.
The award provides $1 million each to Ben Franklin Technology Partners of Southeastern PA and the Philadelphia Industrial Development Corporation (PIDC) to invest in regional startups and to grow small businesses. This funding will provide a new source of financing to drive economic growth and job creation.
“The Navy Yard is a prime example of both a growing regional innovation cluster and the value of public-private partnerships that support innovation and entrepreneurship,” Acting U.S. Commerce Secretary Blank said. “It is part of the rebuilding of America’s very economic foundation with investments in the building-block priorities that will help ensure the U.S. is home to the industries of the 21st century and the jobs they support.”
SBA Administrator Mills added, “Philadelphia’s startups and small businesses now have two new sources of financing through this pilot program. These loans of up to $200,000 play a critical role in helping Philadelphia small businesses start, grow and create jobs, especially in underserved communities.”
“In Philadelphia, small businesses and entrepreneurs are the engines of our economy,” said Mayor Nutter. “Therefore, I would like to thank the SBA and the U.S. Commerce Department for investing in our nation’s cities. This funding will be used to help small businesses and is an innovative example of the federal, state and municipal partnerships needed to create jobs.”
Additionally, $1 million grants distributed by the National Science Foundation’s new Accelerating Innovation Research (AIR) program were announced for Temple University and The Children’s Hospital of Philadelphia (CHOP).
Temple University’s Water and Environmental Technology (WET) Center, in partnership with Ben Franklin, is establishing a Water Technology Innovation Ecosystem to advance the commercialization of new water treatment technologies. The goal is to encourage long-term growth and sustainability as a regional innovation ecosystem.
CHOP, in partnership with The University City Science Center, is creating the Evaluation of the Online Health and Wellness Promotion Applications designed to commercialize a new technological breakthrough, known as the Interactive Web-Enabled Research System (IWERS-TDP). This program is designed for the delivery and evaluation of a new online prevention application called TeenDrivingPlan.
Regional partners who participated in the NACIE meetings and press conference included: Battelle Ventures; Greater Philadelphia Association for Capital and Technology (PACT); Greater Philadelphia Chamber of Commerce; NorthMarq Capital; Philadelphia Industrial Development Corporation (PIDC), Phoenix IP Ventures; Quaker BioVentures; Select Greater Philadelphia; Temple University; TL Ventures; University City Science Center; and University of Pennsylvania.
NACIE supports national innovation by recommending policies that foster entrepreneurship, drive economic growth and create jobs. The Advisory Council offers policy recommendations and facilitates an ongoing dialogue between entrepreneurs and stakeholders. The event was held before a crowd of entrepreneurs and researchers at Building 101 in The Navy Yard in Philadelphia. The Navy Yard is a business incubator and home to the new Greater Philadelphia Innovation Cluster for Energy Efficient Buildings (GPIC).