Pennsylvania Gov. Edward Rendell last week announced a $22 million allocation towards technology companies, creating a potential 375 jobs in the industry.

The Ben Franklin Technology Development Authority, which oversees technology development programs in the state, approved the $22 million of grants. About $16 million will go to four Ben Franklin Technology Partners, which are regional centers that for 26 years have helped create and expand high-growth and start-up companies with initial funding and technical assistance.

“Pennsylvania’s latest investments will provide vital resources for companies that are looking to enter the marketplace; they will help stimulate our economy by creating hundreds of great-paying jobs; and they will pave the way for a stronger future for the state,” Rendell said in a prepared statement.

“In many cases, these investments serve as the final, crucial piece for many start-up, pre-seed and seed companies to take off,” he said. “This piece can often determine whether the company or project is a go, or no-go.”

The remaining $6 million will help support technology upgrades and equipment purchases at higher educational institutions, including academic medical centers.

Pennsylvania’s unemployment rate is 8.8% as of September, according to the state’s Department of Labor and ­Industry.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.