FRANKLIN, Pa. (EYT) — A new economic development initiative called the McElhattan Challenge has been launched in Franklin, aiming to attract entrepreneurs, fund bold business ideas, and stimulate job creation. The program is backed by the McElhattan Foundation and the City of Franklin, with a focus on supporting startups and for-profit businesses willing to operate in the city.
Eligible applicants include aspiring founders, early-stage entrepreneurs, and established businesses. The only requirement is that applicants must either already be located in Franklin or plan to relocate there.
According to program materials, the Challenge is designed to address key local priorities: expanding employment opportunities, boosting tourism, and filling market gaps. Participants will go through a structured process that begins with a Letter of Interest, followed by meetings with the city’s Business Outreach Coordinator, a full application, and a final pitch presentation before a Grant Review Committee.
“Venture capital and angel investments in the United States are heavily focused on urban areas, creating a stark funding gap between urban and rural communities,” said Sarah Pistella, Chair of the Challenge and Program Officer at the McElhattan Foundation. “Research from the Center on Rural Innovation reveals that rural startups receive less than 1% of all venture capital nationwide. Through the McElhattan Challenge, we are working to close that gap, providing capital to new and existing businesses seeking alternative funding pathways.”
The grant decision-making process is overseen by a committee drawn from the program’s Advisory Board, which includes local business owners and community leaders. They helped design the initiative and will determine which projects receive funding.
Even applicants who do not receive grants will be connected to a support network that includes entrepreneurs, investors, mentors, and industry leaders. Amanda Power, Co-Chair of the Challenge and Franklin’s Community and Economic Development Director, said the initiative is as much about legacy as it is about future growth.
“The McElhattan Challenge represents a powerful opportunity to invest in Franklin’s future by supporting bold ideas,” Power said. “It is more than a grant program. It’s a tribute to Franklin’s enduring legacy of innovation and industry.”
The McElhattan Foundation, based in Pittsburgh, was created in 2017 after the sale of Industrial Scientific Corporation. It has since focused on supporting economic development in Franklin and Knox, among other priorities.
More details, including the Letter of Interest form and program guidelines, are available at www.mcelhattan.org.
