WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today announced that the Treasury Department has awarded $29.2 million to four economic development programs in Pennsylvania. The money will help to create jobs and is expected to leverage $292 million in additional small business lending across the Commonwealth.
“Pennsylvania’s small businesses and manufacturers need every resource possible to expand, create jobs and instill economic certainty in our communities,” said Senator Casey. “With the potential to create thousands of jobs in the Commonwealth, this program will boost small businesses and give hope to those looking for work.”
Senator Casey strongly supported the Small Business Jobs Act of 2010, the law that authorized today’s funding through the State Small Business Credit Initiative (SSBCI). Last June, Senator Casey wrote to Treasury Secretary Tim Geithner urging him to approve Pennsylvania’s application for SSBCI funding.
Pennsylvania’s Department of Community and Economic Development has selected four state programs as recipients of the funding: the Pennsylvania Economic Development Financing Authority (PEDFA), the Pennsylvania Community Development Bank (PCD Bank), the Ben Franklin Partnership (BFP)/Life Science Greenhouses (LSG), and the Machinery and Equipment Loan Fund (MELF).
The combined programs support lending to small businesses and manufacturing, target needs of underserved businesses and industry.