$5 Million Loan Will Leverage $15 Million in Private Investment for Promising Western PA Companies
HARRISBURG, Pa., Sept. 8 /PRNewswire-USNewswire/ -- Early-stage life science companies in western Pennsylvania will be able to expand and create quality jobs with the help of a state investment in venture capital, Governor Edward G. Rendell said today.
"The life sciences are a growth sector for Pennsylvania," said Governor Rendell. "This industry creates opportunities for Pennsylvanians to obtain high-skill, high-wage jobs and has huge potential to be a major economic driver for the state."
The Commonwealth Financing Authority today approved $5 million for Pittsburgh-based Corridor Ventures through the New PA Venture Capital Investment program.
"This investment offers Corridor Ventures additional resources to boost up-and-coming Pennsylvania companies, put Pennsylvanians to work and spur our economy. We get a great return-on-investment," the Governor said, noting that Corridor Ventures is expected to leverage an additional $15 million in private funds to be used to invest in between six and eight early-stage life science companies in western Pennsylvania.
The New PA Venture Capital Investment program is a key component of Governor Rendell's original economic stimulus package through which the commonwealth provides loans to venture capital firms to invest in high-growth companies.
The program was authorized to provide $60 million in loans to venture capital fund managers and leverage another $180 million in private equity for a total investment of $240 million in Pennsylvania's economy. To date, $45 million of the $60 million available has been committed.
For more information on the New PA Venture Capital Investment program or Pennsylvania's other venture capital initiatives, visit www.newPA.com or call 1-866-466-3972.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his newsletter, visit www.governor.state.pa.us.
CONTACT: Jamie Fulginiti (DCED) 717-783-1132 Michael Smith 717-783-1116
SOURCE Pennsylvania Office of the Governor