$40M tax credit will support wealth-building in underserved Philly communities

Government funding is supporting different sectors across Pennsylvania this month. 

A robotics and manufacturing program at Millersville University received $200,000 from the state to continue educating young people. 

It spread to local businesses, too. Ben Franklin Technology Partners was one of the recipients of Federal and State Technology Partnership program funding, which will help it continue to support tech startups. 

Plus, a local Community Development Financial Institution received funding from a federal New Market Tax Credit program. 

Read on for more Money Moves. 

$40M tax credit to financial services for underserved groups 

Community First Fund and Finanta, which offers wealth-building programs to underrepresented populations, received $40 million from the federal New Market Tax Credit program. 

This program is part of the US Department of Treasury’s Community Development Financial Institution (CDFI) Fund. Corporate investors get a federal income tax credit through the program if they invest in community development entities. 

“We are particularly excited to focus on impactful projects in Philadelphia, like the recently funded African Cultural Alliance of North America (ACANA) headquarters project,” Daniel Betancourt, president and CEO of Community First Fund, said. “This investment will allow us to support even more community initiatives that drive economic mobility and build wealth for families.”

ACANA is a support organization for the African immigrant and refugee communities in Philadelphia. Community First Fund is helping the org build a community space and headquarters in Southwest Philly. 

Community First Fund and Finanta is a local CDFI that provides services like loans and business training. The nonprofit received $30 million from the same program last year. 

$200k for robotics and automation students 

Millersville University’s Robotic Worx program received $200,000 from Pennsylvania’s Department of Community and Economic Development. 

The program teaches high school and undergraduate students about manufacturing, automation and robotics through classes, internships and mentoring opportunities. 

“From first-time experience with robotics, to getting your hands on a collaborative robot, to spending a semester-long internship developing state-of-the-art automation technologies for real manufacturing problems in PA and beyond,” said Robotic Worx cofounder John Haughery, “this program offers so much to so many,” 

This grant is part of the Shapiro Administration’s Manufacturing PA Training to Career Program, which supports organizations and programs that teach manufacturing skills. 

Ben Franklin Tech Partnership recognized with federal grant 

The Federal and State Technology (FAST) Partnership Program awarded funding to economic growth organization Ben Franklin Technology Partners.

The US Small Business Administration (SBA) chose 49 organizations across the country to give grants of up to $200,000 to. This funding will support companies pursuing Small Business Innovation Research and Small Business Technology Transfer opportunities. 

Ben Franklin Technology Partners received $200,000 for its Innovation Partnership, a statewide consortium that helps Pennsylvania orgs apply for federal funding, led by Ben Franklin. This funding was also matched by the PA Department of Community and Economic Development and Ben Franklin itself committed $50,000 to the Innovation Partnership. 

“FAST’s objective is to improve outcomes for underserved communities by increasing participation from Pennsylvania’s woman-owned, rural-based, or socially or economically disadvantaged small businesses,” said John Fleming, SBA Mid-Atlantic Regional Administrator. 

Ben Franklin Technology Partners is a statewide organization that invests in and provides additional resources to technology companies.

More Money Moves:

• University of Pennsylvania’s Perelman School of Medicine and Children’s Hospital of Philadelphia received $14 million from the National Institutes of Health to complete gene-editing research, specifically developing therapies for metabolic diseases. 
• Green tech company Carbon Reform received an investment from the Cisco Foundation as part of a “seed plus” round. The company did not disclose the specific amount. The company raised a $3 million seed round in 2022. 
• Microshare, which develops smart sensors, raised $5.86 million as part of an $11 million Series B funding round, reported the Philadelphia Business Journal. 
• InductEV raised $20 million, according to the Philadelphia Business Journal. The company makes autonomous wireless chargers for electric vehicles, specializing in fleet vehicles like buses and trucks.