The federal Economic Development Administration awarded
$1.7 million to Ben Franklin Technology Partners of Northeastern Pennsylvania
in Bethlehem to expand capacity at the TechVentures incubator.
Ben Franklin already announced its intention to undertake
the proposed 14,500-square-foot addition, which will be adjoined to the west
end of the existing award-winning Ben Franklin TechVentures facility. There is
no total cost of the project yet, but its estimated to be in the range of $7.5
million.
R. Chad Paul, president and CEO of Ben Franklin
Technology Partners of Northeastern Pennsylvania, said the expansion is needed
with Ben Franklin TechVentures 97 percent full.
“This grant for TechVentures West Wing will help fund
this much-needed expansion,” he said.
The four-floor addition will include business incubation,
office and meeting space for early-stage technology-oriented companies. These
spaces will complement the existing wet labs and address the expanding office
needs of resident clients.
“We are delighted that the U.S. EDA continues to
recognize the important work that Ben Franklin Technology Partners is doing to
support the next generation of technology job creators at our TechVentures
business incubator,” Paul said.
Paul said the project will create 112 jobs, save 82 jobs
and generate more than $61 million in private investment.
“The EDA investment announced today will cultivate
innovation in Northeastern Pennsylvania, creating new opportunities for the
region,” said U.S. Secretary of Commerce Penny Pritzker.
Source: LVB
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