PHILADELPHIA (CBS) – Philadelphia will get $2 million to encourage small business start-ups. The money comes from a new program by the Small Business Administration.
The SBA awarded twenty separate $1 million grants across the country. Philadelphia was the only city to win two.
One will go to the Philadelphia Industrial Development Corporation, the other to the Ben Franklin Technology Partners.
CEO RoseAnn Rosenthal says the money will be used for intermediary loans to businesses that show promise.
“There’s a real capital gap out there to enable these companies to continue to grow until they’re attractive to private investors.”
Rosenthal says Philadelphia also won two $1 million grants from another new federal program, called “accelerating innovation research.”
One will create a water and environmental technology center at Temple. The other will be used by Children’s Hospital to create an online safety app for teen drivers.
“I think it’s wonderful news for Philadelphia, because again we’re the only city to secure two of these.”
Rosenthal says it shows the region’s high tech competitiveness.
Reported by Pat Loeb, KYW Newsradio