McKean Potter Source 12-06-2022

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6 2022

community

DECEMBER

p o t t e r m c k e a n

county

Austin • Coudersport • Crosby • Eldred • Kane • Lewis Run • Mt. Jewett Port Allegany • RIDGWAY• Roulette • Smethport • Turtlepoint

Photo courtesy of Tom Huntoon A view of downtown Bradford businesses from the sky.

$1M investment fund created to fuel area businesses The Bradford Area Alliance announced Thursday the creation of a new $1,000,000 Bright Bradford Fund aimed at helping new startups and existing businesses grow in the area. To serve the growth of different industry sectors in the Bradford community, the Bright Bradford Fund consists of two distinct investment opportunities — the Bright Bradford Innovation Fund (BBIF) and the Bright Bradford Development Fund (BBDF). The BBIF, totaling $800,000, was formed in a new partnership between the Ben Franklin Technology Partners of Central and Northern Pennsylvania and the Bradford Area Alliance with a $400,000 contribution from each of the partners, and with

significant support from Halloran Philanthropies. Brian FernandesHalloran commented, “I couldn’t think of a better time to launch the Bright Bradford Fund than American Refining Group’s (ARG) 25th anniversary. It was as true at the founding of ARG as it is today that Bradford is a town worthy of investment. I am sure my father, Harry Halloran Jr., would be rooting for every Bradfordian entrepreneur with a bright idea.” The BBIF will offer financing to innovative technologybased startups and manufacturers in the City of Bradford, Borough of Lewis Run, Bradford Township, Corydon Township, Foster Township and Lafayette Township. Ben Franklin

Technology Partners, which has been investing in tech startups and small manufacturers in Pennsylvania for nearly 40 years, will provide due diligence as well as administer the BBIF with representation in the investment selection process from the Alliance leadership. The Fund is designed to be “evergreen” in that any returns provided from its investments will be used to fund additional, new opportunities. The Fund managers will partner with other area financing sources including economic development funds, banks and local individuals seeking to make supporting Angel investments, to maximize its impact. John Sider, vice president for Business Development at Ben Franklin commented, “This area in Northwest

PA which is home to many manufacturers, including Zippo Manufacturing and American Refining Group, has both an important history and bright future related to innovation and startup companies. The team at Ben Franklin is pleased we have the opportunity to partner with the Alliance and help grow more businesses and jobs in McKean County.” Whereas the BBIF targets specific industry sectors (technology and manufacturing for example), the BBDF, totaling $200,000, provides investment funds into local businesses that are strategically important to the Bradford and surrounding area, i.e., businesses that help attract and retain workers, applicants in the Harvey L. Golubock

$10 million available from ARC INSPIRE Initiative Grants

WA S H I N G T O N , D.C. — The A p p a l a c h i a n Regional Commission (ARC), a federalstate partnership working to strengthen economic growth and community development in 13 Appalachian states, issued a Request for Proposals for its INvestments S u p p o r t i n g Partnerships In Recovery Ecosystems (INSPIRE) Initiative. The grant program addresses the region’s substance use disorder crisis with investments of $10 million in the creation and expansion of a recovery ecosystem that helps facilitate workforce entry and re-entry. Awards issued through the INSPIRE Initiative will support a wide variety of projects on the post-treatment

to employment continuum, including investments in healthcare networks to better meet the needs of substance use disorder recovery professionals, recovery-focused job and workforce training programs, expanded recovery support networks, training and certification of recovery specialists, and more. “The substance use disorder epidemic is a community problem that requires a community solution,” said ARC Federal CoChair Gayle Manchin. “Our INSPIRE Initiative promotes a fluid continuum of rehabilitation— to training, to work, to career—which ultimately connects all aspects of the community and provides hope, purpose, and support to these individuals.”

Since INSPIRE was established in April of 2021, ARC has invested more than $15.7 million in 49 projects covering 197 Appalachian counties. Successful INSPIRE grant applications will demonstrate the potential for individuals in recovery to obtain and maintain stable employment, with a focus on contributing to and expanding a strong recovery ecosystem of support services and training opportunities that lead to successful entry and re-entry into the workforce. Proposals may also include expanded communityand partnership-based approaches to establish stronger coordination among recovery and training services, as well as strategies to integrate plans with existing state and

regional economic d e v e l o p m e n t activities. “The INSPIRE Initiative is vital to helping those struggling with substance abuse across Appalachia,” said ARC States’ Co-Chair Maryland Governor Larry Hogan. “Programs like these are vital to giving those in recovery a second chance.” Letters of Intent for implementation grants up to $500,000 and planning grants up to $50,000 under INSPIRE are due March 3, 2022. The deadline for final applications is March 24, 2022. Award announcements are anticipated to be made in early Aug. 2022. A d d i t i o n a l information regarding the application process is available at arc.gov/ sud-how-to-apply/.

Business Competition, etc. The Bradford Area Alliance, an executive board of community leaders, is dedicated to making Bradford and the surrounding area stronger through a focus on creating a more vibrant economy. “Ben Franklin is a national leader in tech-based economic development. We look forward to working collaboratively with Ben Franklin and our local/regional partners to continue to strengthen our entrepreneur ecosystem through the creation and execution of this exciting new investment opportunity”, said Executive Director Carolyn Boser Newhouse. Applications are now being accepted for equity investments up to $100,000. Those who are interested in

learning more about the Fund and/or want consideration for an investment can contact Newhouse at (814) 598-1519 or via email at Carolyn@ BradfordAreaAlliance. com. Ben Franklin Technology Partners/ CNP, an initiative of the Pennsylvania Department of Community and Economic Development and funded by the Ben Franklin Technology Development Authority, provides investment capital and operational assistance to emerging tech-based companies and small, existing manufacturers for the purpose of creating and retaining jobs in Pennsylvania. For more information about Ben Franklin Technology Partners, visit www.cnp. benfranklin.org.

$4 million in gold stolen from truck in North Carolina

RALEIGH, N.C. (AP) — Authorities in eastern North Carolina say armed robbers stole $4 million in gold from a truck traveling on Interstate 95 from Florida to Massachusetts. The Wilson County Sheriff’s Office said Monday the two security guards working for Transvalue Inc. of Miami reported pulling to the side of the interstate on Sunday evening after their vehicle began having mechanical problems. They were then

approached by three armed men driving a white van who ordered the guards to lie on the ground, tied their hands behind their backs and then marched them into nearby woods. Authorities say the male suspects then unloaded barrels filled with gold and made their getaway. The Federal Bureau of Investigation has joined in the search for the robbers. Messages seeking comment from Transvalue were not immediately returned.


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