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Ben Franklin Technology Partners of Southeastern PA

Location

Philadelphia, PA

Project Name

Greater PHL Opportunity Zones Seed Fund

Program

Seed Fund Support

Award Amount

Federal Share

Local Match

$249,998.00

$259,070.00

Ben Franklin Technology Partners of Southeastern PA will create, develop, and launch the Greater PHL Opportunity Zones Seed Fund. The fund will be a $15 - $20 million fund to seed innovation-based companies with high potential for growth in qualified Opportunity Zones in the Greater Philadelphia region. The fund will provide needed capital and technical assistance and support to help companies grow and commercialize their products and demonstrate the potential for growth and job creation. Ben Franklin will also work with county industrial development authorities and corporations, private real estate developers, and anchor institutions in qualified Opportunity Zones to identify and support the development of real estate in qualified Opportunity Zones to provide for co-working, incubator, and innovation space to house and to provide services for start-up and growing tech-based companies. Over five years, Ben Franklin expects the fund to invest in 50-70 companies and support 200 jobs.

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