The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) board of directors recently voted to invest $547,500 in companies conducting regional economic development.
The businesses include nine business incubators in BFTP/NEP’s 21-county service area, eight established manufacturers, and six early-stage, technology-based firms. Each received funds totaling between $5,000 and $100,000 in loans with warrants.
To qualify, businesses need to achieve predetermined milestones and be receiving additional funding elsewhere to complete project work.
Early-stage company investments include Alive Fitness in Luzerne County, $50,000, for the development and launch of a cloud-based software platform, and Thread Bioscience in Northampton County, $100,000, to establish a prototype production facility and research and development laboratory for a new diagnostic test.
Established manufacturers include Misco Products Corp. in Berks County, $25,000, to evaluate the current manufacturing process, office area, and warehouse operations to develop a facility master plan that will handle current and future needs for the next five years. Straight Arrow Products in Northampton County received $10,000 for the implementation of an enhanced warehouse management system.
Ben Franklin Business Incubator Network’s nine incubators received $5,000 each to support operations. They include the Alan P. Kirby Enterprise Center at Wilkes-Barre and the East Stroudsburg University Business Accelerator.