Four Philadelphia organizations were awarded $1 million grants today to help aid start-ups.
The Philadelphia Business Journal reports the grants were announced during a meeting of the National Advisory Council on Innovation and Entrepreneurship at The Navy Yard.
According to the Philadelphia Business Journal, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Philadelphia Industrial Development Corporation will each receive $1 million to invest in start-ups and grow small businesses by making loans of up to $200,000.
The money will come from the Small Business Administration’s new competitive Intermediary Lending Pilot Program.
Grants from the National Science Foundation’s new Accelerating Innovation Research were also awarded to Temple University and The Children’s Hospital of Philadelphia. The National Science Foundation’s grants also are worth $1 million.