Funds generated from the 2015 sale of $100 million of insurance premium tax credits flow through the BFTDA to the four Ben Franklin Technology Partners, Pennsylvania's three Life Sciences Greenhouses, and the BFTDA's Venture Investment Program.
This third payment will be disbursed in accordance with the enabling legislation as follows:
"Pennsylvania has a very robust and dedicated ecosystem and Innovate in PA provides that ecosystem with much needed capital to support the constant demand for funding that our businesses need to grow and be competitive in our global economy," said Sheri Collins, Deputy Secretary for the Office of Technology and Innovation. "Revenues generated through the sale of the insurance premium tax credits will continue to be received at the Department through January 2018 and deployed to our strategic partners accordingly."
For more information about Innovate in PA and other DCED initiatives, visit www.newPA.com.
MEDIA CONTACT: Heidi Havens, 717-783-1132
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dced-announces-next-phase-of-innovate-in-pa-with-disbursement-of-145-million-to-support-early-stage-businesses-300301514.html
SOURCE Pennsylvania Department of Community & Economic Development