Philly Money Moves: The Enterprise Center’s Innovate Capital Growth Fund gets $5M investment
The Enterprise Center received a $5 million investment from TD Charitable Foundation for its Innovate Capital Growth Fund. The West Philly-based nonprofit, which provides resources and opportunities for entrepreneurs, launched the fund in 2022 to support women and minority-owned businesses.
The fund is categorized as a Small Business Investment Company (SBIC) focused on investing growth equity capital into women and minority-owned businesses in the mid-Atlantic region. This is TD Charitable Foundation’s first mission-related investment.
“Our fund was designed to help minority and women-owned businesses who have historically had a more challenging time accessing the SBA’s SBIC program by providing capital for them to scale operations and unlock generational wealth for themselves,” said Della Clark, president of The Enterprise Center, in a written statement. “Our relationship with the TD Charitable Foundation will allow us to bridge the gap for minority and women-owned businesses during a time that is most critical to their survival and future success, and I couldn’t be more excited.”
Verizon announces $50,000 award to PA Chambers of Commerce
The program will teach participants about entrepreneurship and technology. This award is part of Verizon’s $1 million Forward Community Enhancement Award.
“This grant is essential in helping to build the capacity and potential of small businesses by providing them the tools and resources necessary to create a solid digital infrastructure,” said Regina A. Hairston, president and CEO of the African-American Chamber of Commerce of PA, NJ & DE, in a written statement. “Being able to deploy technology efficiently can lead to increased productivity, revenue, and eventually create more jobs.”
Also part of the Forward Community Enhancement Award, Verizon recently awarded the national digital equity organization Centri Tech Foundation $100,000 to create the Community Skills Connect Pilot. This program will provide digital workforce skills training to low-income residents in Philadelphia, Baltimore and DC.
Bucks Built Startup Fund gives away $40,000 in grants
The fund is run by Startup Bucks and Bucks County Industrial Development Authority and funded by Penn Community Bank. Winners were announced at the Bucks Built Fall Business Expo in October after eight finalists pitched to a panel of investors, entrepreneurs and community leaders.
The Bucks Built Startup Fund started in 2019 and has since invested $500,000 in Bucks County startups.
“Penn Community Bank is proud to partner with Startup Bucks and the Bucks County Industrial Development Authority to help area businesses and innovators succeed,” said Jeane M. Vidoni, Penn Community Bank president and CEO, in a written statement. “We understand that a thriving local business community means economic success for individuals, families, and the region for years to come.”
Keiretsu Forum awarded biotech company Seneca Therapeutics the Most Valuable Company at its 11th annual Investor Capital Expo in October. Seneca is being approved for a $100,000 investment from the Keiretsu Forum Mid-Atlantic 2023 Accelerator Venture Fund. Zirconia was a runner up for the award and also is being approved for a $100,000 investment from the fund. Trace Orthopedics presented at the expo and had previously received a $115,000 investment from the fund.
Sarah Huffman is a 2022-2023 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.