"With these investments, Pennsylvania is breathing life into entrepreneurs' innovative ideas. This stimulates growth in new technologies, creates jobs and helps us to continue providing the necessary funding that will help these emerging companies grow and succeed in today's competitive marketplace," said Rendell. "We have established a strategy to close the funding gaps that often cause new emerging companies to falter."
The New PA Venture Capital Program, part of the Governor's innovative $2.8 billion economic stimulus package, addresses the growing needs of Pennsylvania businesses by providing $60 million in loans to venture capital managers, which leverages another $180 million in private equity, for a total investment of $240 million.
"Through the New PA Venture Capital Investment program the state is enticing venture capital firms to invest in growing Pennsylvania companies -- and to invest three-times more than the amount of the state's commitment. At the same time, we are reaching out into the global marketplace to attract foreign investment in Pennsylvania. This will also help us create jobs and new opportunities," said Rendell.
