Ben Franklin Technology Development Authority: Venture Investment Program
Small businesses, For-profit organizations other than small businesses
The Ben Franklin Technology Development Authority Venture Investment Program (VIP) is a Commonwealth of Pennsylvania initiative intended to address the financing needs of technology-oriented businesses by increasing the amount of risk capital available. The VIP operates pursuant to the statutory authority of the Ben Franklin Technology Development Authority (“BFTDA”). The goal of the VIP is to assist in establishing a technology-based economy within Pennsylvania, allowing Pennsylvania to compete in the global marketplace.
For purposes of this program, the BFTDA seeks to lend funds to venture capital funds. VIP funding will be provided in the form of a loan. The Commonwealth of Pennsylvania and/or the BFTDA is prohibited from holding an equity position and; therefore, is not a traditional limited partner but a Lender.