FOR IMMEDIATE RELEASE
State Rep. Peter J. Daley
Daley joins DCED Secretary in announcing federal funds to support small job creation
HARRISBURG, Dec. 21 – State Rep. Peter J. Daley, D-Fayette/Washington, today joined Department of Community and Economic Development (DCED) Secretary C. Alan Walker during a Capitol news conference to announce the allocation of $29.2 million in funding from the United States Department of Treasury’s State Small Business Credit Initiative (SSBCI), which includes funding for several programs in Southwestern Pennsylvania.
“These funds support economic, community and technology development partners throughout the Commonwealth, including those in Southwestern Pennsylvania,” Daley said. “With these funds, loans can be extended to support local projects that will create more jobs.”
Of the overall funding, $2 million each was given to Bridgeway Capital and the Progress Fund. A total of $9 million was allocated to the Pennsylvania Machinery and Equipment Loan Fund.
Bridgeway Capital is a DCED financial institution that serves businesses and nonprofits in Western Pennsylvania through entrepreneur and growth capital loans and loans to nonprofits.
“For Bridgeway, that $2 million will mean 510 loans and the creation of 2,600 jobs,” Daley said. “On top of that the investment will attract over $97 million in private financing.”
The Progress Fund, also a DCED financial institution, serves 39 counties in Western and Northern Pennsylvania. The $2 million in funding will provide capital to rural and tourism-related projects. It is expected to finance 40 loans and create 500 jobs.
“Southwestern Pennsylvania is truly a unique area of the Commonwealth in that we combine rural countryside with industrial opportunities,” Daley said. “Agriculture and tourism continue to be Pennsylvania’s top industries and these loans support local efforts to advance projects that add to our character and make our region of the state a destination for outdoor enthusiasts, through opportunities such as bike trails.”
The Pennsylvania Machinery and Equipment Loan Fund provides low-interest loan financing for a portion of the cost of machinery and equipment purchases to businesses committed to creating and retaining jobs. This is a state-wide initiative administered by DCED. The $9 million in federal funds are expected to support a minimum of 13 projects and create 828 jobs.
Statewide, the funding is expected to create 6,850 jobs.