BETHLEHEM, Pa., April 24, 2018 (GLOBE NEWSWIRE) -- The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $203,855 in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas:
- developing and growing early-stage technology-oriented companies,
- helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
- promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.
Since beginning operation, BFTP/NEP has helped to create 18,056 new jobs for Pennsylvania workers and to retain 31,840 existing jobs, to start 511 new companies, and to develop 1,733 new products and processes. Since 2007, BFTP/NEP clients have generated $1.5 billion in follow-on funding. The Pennsylvania Ben Franklin Technology Partners network has returned $3.60 to the state treasury for every $1.00 invested in the program. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
BFTP/NEP owns, manages, and is headquartered in Ben Franklin TechVentures®, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem, PA. BFTP/NEP also manages the Bloomsburg Regional Technology Center in Bloomsburg.
Ben Franklin announces the following early-stage company investment that is provided in the form of loans with warrants.
PlanGuru, LLC, www.planguru.com, Wilkes-Barre, Luzerne County
Ben Franklin Investment: $100,000
Support the release of a cloud-based solution, PlanGuru Online, at this developer of SaaS-based budgeting, forecasting and financial analytics tools. PlanGuru enables small- and medium-sized businesses to make timely and accurate financial decisions.
Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
Custom Processing Services, Inc., www.customprocessingservices.com, Reading, Berks County
Ben Franklin Investment: $32,855
University Partner: Lehigh University’s Enterprise Systems Center
Complete a comprehensive analysis of the inventory management process and begin implementation of identified recommendations for improvement. CPS provides sophisticated air-jet milling, micronizing, blending, and testing of powered materials on a contract and toll basis.
Godiva Chocolatier, Inc., www.godiva.com, Reading, Berks County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Identify and implement process improvements in plant layout and inventory management to reduce cost of goods at this producer of chocolate candy. These savings will allow Godiva's Reading operation to compete effectively in the company’s international network.
McCarthy Tire Service, www.mccarthytire.com, Wilkes-Barre, Luzerne County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center
Analyze and improve logistics operations and optimize staff time associated with distribution at this manufacturer of re-tread tires for commercial trucking. Improvements will address significant growth and respond to cost pressure to remain competitive.
Nazareth Pallet Company, Inc., www.nazpallet.com, Northampton, Northampton County
Ben Franklin Investment: $21,000
University Partner: Lehigh University’s Enterprise Systems Center
Complete a thorough analysis of operations at this producer, customizer, recycler, and rebuilder of wooden pallets. The focus will be on identifying inefficiencies in process flow logistics, increasing output, and improving end-product quality.
