The Times Herald (Norristown, PA)
Franklin Technology Partners invests in area companies
Funds will help accelerate economic recovery from coronavirus
The Ben Franklin Technology Partners of Northeastern Pennsylvania recently announced emergency investments of $1.8 million in 35 regional companies, including seven in Berks County and one in Montgomery County.
In a press release, BFTP said the funds were provided through a $1 million disbursement from the Pennsylvania Department of Community and Economic Development that was matched by BFTP/NEP.
One of the programs is Return to Health funding that includes various types of company investments. According to the release, Portfolio Protection Investments will help secure BFTP/NEP’s existing investments in pre-COVID-19 viable and growing early-stage clients. These clients were performing strongly in job and revenue growth, loan performance, and/or were developing promising product or patent portfolios.
One Berks company, webCemeteries.com, Kutztown, received an investment of $67,500 to support and improve the company’s competitiveness during the economic downturn caused by COVID-19. The company helps cemeteries manage complex records through powerful online systems to help serve bereaved families, including locating loved ones with GPS and sharing memories online.
BFTP also announced emergency investments in manufacturers totaling $404,370 to help these companies accelerate the recovery from the economic crisis caused by COVID-19. The Return to Health funding program including various types of company investments and will allow established manufacturer clients with 250 or fewer employees to develop and implement plans for recovery.
Many of these manufacturing firms were partway through the development of innovative production and process enhancements, and failing to complete them would hinder their recovery and growth, BFTP said. These clients will facilitate job retention and creation.
Area companies receiving help included;
• Adelphia Seafood, Spring Township, received $25,000 to support the company’s supply chain and improve the company’s competitiveness. Adelphia Seafood processes, packages, and distributes fresh and frozen seafood to grocery stores and other retailers, restaurants, food service companies, and direct consumers.
• American Polarizers Inc., Reading, received $24,000 to improve product information access to respond to customer requirements more effectively than foreign competitors do. The company manufactures polarized and non-polarized optical products that are used for scientific and medical instrumentation. The company also produces for aerospace, electronics, photographic and animated display industries, which contribute to important government security efforts.
• Cougle’s Recycling Inc., Hamburg, received $24,400 to execute a feasibility and design project to help the company reduce transportation and greenhouse gas emission while reducing costs for recovery, processing and recycling. Cougle’s Recycling is an environmentally conscious post-consumer and post-industrial recycler. The company continues to seek an efficient and responsible method to manage multiple waste streams.
• East Coast Erosion Control, Upper Tulpehocken Township received $25,000 to enhance quality control software to improve the company’s competitiveness during the economic downturn caused by COVID-19. East Coast Erosion manufactures erosion control products, turf reinforcement mats, and sediment devices for the construction industry. The company is one of the largest producers of erosion blankets and other erosion products in the U.S.
• Gateway Ticketing Systems, Douglass Township, Montgomery County, received $25,000 to continue to improve the customer experience by implementing a reporting data warehouse to improve the company’s competitiveness during the economic downturn caused by COVID-19. Gateway Ticketing Systems produces high-speed, access control, admission control, and ticketing software. The software is used internationally at zoos, water parks, museums, amusement parks, aquariums, ferries, and at other attractions.
• Heyco Metals Inc., Bern Township, received $25,000 to support its business transformation initiative and enhance the supply chain to improve the company’s competitiveness during the economic downturn. Heyco Metals is a precision mill that produces copper and copper alloy coil and stainless steel strip to exacting specifications for use in automotive, medical, aerospace, connectors and consumer electronics markets, including ventilators and testing products.
• Sealstrip Corp., Douglass Township, Montgomery County, received $14,250 to upgrade to Global Food Safety Initiative certification, a new requirement because of COVID-19, which ensures the food supply is safe and stable. Sealstrip designs and manufactures easy-open and easy-reseal systems for flexible