Officials in Pennsylvania announced the allocation of more than $29 million in federal funding to help create thousands of new jobs for people with business experience on their resume throughout the state. Governor Tom Corbett's administration said the money from the Department of the Treasury's State Small Business Credit Initiative (SSBCI) to the state's Department of Community and Economic Development (DCED) has the potential to open up more than 6,800 positions statewide across a broad range of industries. Senator John Gordner said Pennsylvania is the only state that partnered with local organizations to support the best projects that will help boost job creation. "Small businesses are an integral part of Pennsylvania's economy, accounting for over 98 percent of the state's employers and nearly 50 percent of its private-sector employment," Gordner stated. "I applaud DCED for taking a business-minded approach and reaching out to address and enhance small business' capital needs." Organizations that will receive the funding include Bridgeway Capital, which will invest in growth capital loans for entrepreneurs and the Community First Fund to help small businesses affected by the recent economic downturn. According to the Bureau of Labor Statistics, job opportunities for business administration managers are expected to grow by 12% through 2018. |