Ben Franklin Receives $250K EDA Seed Fund Support Grant for Development of Impact Investing Fund in Greater Philadelphia Region
In its announcement of grant awards for its Regional Innovation Strategies (RIS) program, the U.S. Economic Development Administration (EDA) announced last week that Ben Franklin Technology Partners of Southeastern Pennsylvania received a $250,000 Seed Fund Support grant to support development of the Greater Philadelphia Impact Partners, a fund to spur growth of impact-focused ventures that provide qualified opportunities for investment in the Greater Philadelphia region.
“The Greater Philadelphia area has many of the key assets and attributes necessary to pioneer the development of the emerging Impact economy,” said Ben Franklin President and CEO RoseAnn B. Rosenthal. “Devoted capital that promotes development and investment in new and existing ventures to yield multiple bottom line success, while fostering positive financial and social returns, supports both our region’s rich innovation community and our namesake’s vision of ‘doing well by doing good.’”
Greater Philadelphia Impact Partners is one element of a broader regional impact strategy being undertaken as part of a collaboration among the region’s business, investment, higher education, government, philanthropic and economic development communities. The strategy will create a scalable framework to promote growth of investment capital, venture creation, jobs and revenue, all focused on profitable businesses that address the modern societal challenges present in our region, and worldwide.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.