The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors recently approved $407,130 in regional economic development investments.
Funding was divided between nine companies in three categories: manufacturing, pandemic defense, and early-stage companies.
BFTP/NEP’s Rebuilding Northeastern Pennsylvania Manufacturers Investments were awarded to two companies as matching funds. Companies must have 250 or fewer employees.
Braun Medical received $25,000 to analyze, test, and develop intravenous tubing materials and manufacturing processes that will provide a consistent product with the desired properties for longer IV tubing.
Reitnouer, a manufacturer of aluminum flatbed and drop-deck trailers, received $15,000 to adjust its operations to improve production flow and operational efficiencies after sales declined from the COVID-19 pandemic.
One company received funding as part of BFTP/NEP’s Return to Health Funding, Next-Generation Pandemic Defense Investments in the form of a three-year, no-interest loan.
BFTP/NEPl’s early-stage company investments were awarded as loans with warrants to six companies. Companies were required to meet predetermined milestones, and funding will be used to accomplish additional work.
Funding will help four companies improve order fulfillment processes, optimize throughput, and enhance facility layout; improve warehouse and operating efficiencies; support marketing and human resource development; and expand sales and marketing efforts.
Two companies received funding for the development of technology.