Two State College companies receive investments from Ben Franklin Technology Partners

Two State College companies recently received investments as part of an ongoing boom of business in the area.

Ben Franklin Technology Partners of Central and Northern Pennsylvania announced investments in Affinity Connection Inc. and eLoop on Monday. Affinity, a direct marketing firm, received $100,000, and as part of a research grant, IT recycling company eLoop received about $15,000.

“When people are pitching their projects to us, we’re looking for job creation in the state; how strong is their management team; is the technology sound?” said Liz Wilson, Ben Franklin Technology Partners’ director of marketing and communications. “They’re both very strong, technology-based initiatives.”

The funding, which comes from the state and paid-back investments from successful projects, is determined by a competitive application process. Ben Franklin Technology Partners’ board decides on investments quarterly.

About $7 million from the state is budgeted for the organization’s 32-county footprint. As part of Monday’s announcement, electrical manufacturer Abbatron, software company RendrFX and the Institute on Healthcare Directives also received investments.

Ben Franklin Technology Partners, an initiative of the Pennsylvania Department of Community and Economic Development, invested more than $500,000 total among the five companies.

Affinity, which was founded in 2000 by Greg Woodman, assists in fundraising and marketing efforts for businesses and organizations.

Orginally founded in Pittsburgh, eLoop is investigating a method to sustainably separate lead from glass.

“The State College community is full of entrepreneurs, and the entrepreneurial pipeline is growing all the time,” Wilson said.

This story was originally published September 26, 2016 at 8:54 PM with the headline "Two State College companies receive investments from Ben Franklin Technology Partners."