Ben Franklin launches Save Our Startups capital initiative
Supports Philadelphia region innovation companies during the COVID-19 crisis
PHILADELPHIA (April 24, 2020)– Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) announced formation of the Save Our Startups initiative (SOS), to quickly deploy more than $2 million in the Philadelphia region’s early-stage innovation companies affected by the COVID-19 pandemic.
With $1 million in new capital committed by the Pennsylvania Department of Community and Economic Development (DCED), $1 million from Ben Franklin, and additional capital being raised from other organizations, SOS will devote 100% of this capital to startup companies in our five-county region of Philadelphia, Bucks, Chester, Delaware, and Montgomery counties. SOS supports companies unable to access funding through the recent business support channels, whose structures often do not support early-stage innovation-focused firms.
“Our future depends on new solutions. We’re inspired that our partners at DCED are committed to help our companies advance their innovations at a time when support is most needed,” said RoseAnn B. Rosenthal, President and CEO of Ben Franklin. “Many of the region’s brightest successes came from the one-time technology startups that grew to thrive right here in our community. Helping ensure that a new generation of innovators continue their important work is our shared priority. We welcome our region’s leaders and partners to join this cause.”
Ben Franklin will deploy capital through loans between $50,000 to $150,000, at zero interest for a term of up to three years; and grants of between $5,000-$10,000 to companies that are specifically working to accelerate the development of COVID-19-related health technologies. Interested companies should contact their Ben Franklin investment professional, or visit partnerswithapurpose.org.
With support of PA Department of Community and Economic Develpoment, Ben Franklin created the Save Our Startups initiative (SOS) to quickly deploy more than $2 million in the Philadelphia region’s early-stage innovation companies affected by the COVID-19 pandemic. Your contributions to this fund will keep our region’s innovators working when we all need them most.
Ben Franklin Technology Partners of Southeastern Pennsylvania is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin works to help high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth. As a 501(c)(3), Ben Franklin has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs still yet discovered, we work each day to raise our community of innovation higher, to benefit present and future generations of Pennsylvanians. We are part of a statewide network of Ben Franklin organizations that work to catalyze growth throughout Pennsylvania by providing resources that foster innovation and success for both startup companies and established businesses. Follow us on Twitter at @bftp_sep.