Ben Franklin to deploy $2M to help Philly-area startups as new bill threatens its funding

Written by Michelle Caffrey, Philadelphia Business Journal

The most active seed fund in the Philadelphia region is preparing to deploy $2 million in new capital to help struggling startups stay afloat and help fight the Covid-19 pandemic, but a potential threat to its state funding looms in Harrisburg.

Ben Franklin Technology Partners of Southeastern Pennsylvania, a state-backed nonprofit, announced late Thursday it was awarded $1 million from the Ben Franklin Technology Development Authority (BFTDA), which funds each of the four BFTP regions in the state. The Authority received $4 million in new funding from the state’s Department of Community and Economic Development (DCED) to be split equally among the regional organizations.

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