Early-stage life science companies in western Pennsylvania will be able to expand and create jobs with the help of a state investment in venture capital.
Through the New PA Venture Capital Investment program, the Commonwealth Financing Authority approved a $5 million loan for Pittsburgh-based Corridor Ventures which would leverage additional $15m in private funds to be used to invest in 6/8 early-stage companies in the area.
The New PA Venture Capital Investment program was authorized to provide $60m in loans to venture capital fund managers in order to leverage another $180m for a total investment of $240m.
To date, $45m of the total amount available ($60m) have already been committed.
FinSMEs
09/09/2009