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BLUE BELL - Progress Bank and the Ben Franklin Technology Center of Southeastern Pennsylvania will launch a venture capital fund that will provide early stage financing for Delaware Valley businesses.
Ben Franklin/Progress Capital Fund LP has been established with $1 million commitments from the tech center and the bank, both of which will be limited partners in the fund. Steven Hobman will serve as the managing director and W. Kirk Wycoff, president and chief executive officer of Progress Bank, will be the chairman of the fund's management company.
"Ben Franklin is being identified as a special limited partner because of the visibility they have in the market and with the type of companies they have in …