BETHLEHEM - Nov. 4, 2010 - The Southside Bethlehem Keystone Innovation Zone, administered by the Lehigh Valley Economic Development Corporation (LVEDC), was awarded a $100,000 competitive grant Oct. 28^th from the Ben Franklin Technology Development Authority in Harrisburg.

The Southside Bethlehem KIZ, which has been in operation since mid 2004, has been consistently recognized as one of the top programs in the Commonwealth of Pennsylvania. The Keystone Innovation Zone was established to create designated geographic zones to foster innovation and create entrepreneurial opportunities by aligning the combined resources of educational institutions, private businesses, business support organizations, commercial lending institutions, venture capitalists and foundations.

This $100,000 grant will augment the financial support provided by the local community and will enable the KIZ to continue to fund its successful technology transfer and student internship programs as well as develop several new initiatives.

"This program serves at the template for one of five Strategic Priorities at LVEDC, which is to boost innovation and talent," said LVEDC President and CEO Phil Mitman. "The SBKIZ is doing important work and we are pleased to have received this grant to move the Lehigh Valley's economy forward."

Under the competitive program guidelines, the network of 29 KIZs competed for the $1 million in investments to be awarded. Each zone could apply for a maximum of $100,000.The BFTDA awarded grants totaling $1 million of various sizes to 12 Keystone Innovation Zones.

"This money contributes to the ability of young SBKIZ companies to transition through the stages of growth," said SBKIZ program administrator Steve Melnick. "The type of good-paying jobs they will create, and talent they will keep, or eventually bring to the region is extremely important to the future LVEDC envisions for the Lehigh Valley."

SBKIZ Primary Partners include Ben Franklin Technology Partners of NEPA, Lehigh Valley Economic Development Corporation, Lehigh University, Northampton Community College, Manufacturers Resource Center, Lehigh University Small Business Development Center, Wachovia Bank, St. Luke's Hospital and Health Network, Lehigh Valley Hospital and Health Network, Good Shepherd Rehabilitation Hospital, the City of Bethlehem, Lehigh Valley Workforce Investment Board, Team PA Foundation and UGI.

For more information, please contact Stephen Althouse at 610.266.3817 orsalthouse@lehighvalley.org.

For more information about the Southside Bethlehem Keystone Innovation Zone visitwww.southsidebethlehemkiz.org or call 610-266-7535.