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Pennsylvania Starts $60M Venture Capital Program
HARRISBURG, Pa. -- Qualified Pennsylvania businesses now have access to $60 million in venture capital funding through the New PA Venture Capital Investment Program, Gov. Edward G. Rendell announced earlier today. The program, administered by the Commonwealth Financing Authority, will provide loans for venture capital partnerships investing in technology-based, Pennsylvania- related companies."The New PA Venture Capital Investment Program will attract fresh capital to Pennsylvania, enhancing the advancement of products from the research and development stage through the commercialization of a product in the marketplace," Rendell said.Over the next several years, nearly $1 billion in venture capital funding will be accessible to Pennsylvania's companies as a direct result of public/private partnerships, Rendell added.The New PA Venture Capital Investment Program holds the promise of firmly establishing a technology-based economy, which Rendell said will open the door for Pennsylvania to compete in the global marketplace. The program addresses the growing financing needs of Pennsylvania businesses by providing $60 million in loans to venture capital partnerships, leveraged by another $180 million of private equity, totaling $240 million for Pennsylvania-related companies.Pennsylvania continues to grow and transition toward an innovative technology-based economy, Rendell said. In 2004, the Commonwealth ranked 6th in the United States in venture capital investment deals, according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association, witnessing more than $526 million invested in 91 businesses. Pennsylvania's commitment to attracting outside venture capital partnerships and new company investments will continue to steadily grow with support from the $2.3 billion Economic Stimulus Package and the Commonwealth's $2 billion multi-year commitment to the life sciences. These programs provide loans, grants and investment guarantees for companies, which can attract high- growth outside venture capital firms, Rendell said.For additional information about the Venture Capital Investment Program and the approved guidelines, visit www.newpa.com/docs/guidelines_Venture_Capital_Investment.pdf or contact Rebecca Bagley at the Technology Investment Office, (800) 379- 7448."