SHARON, Pa. - Two new endowments totaling $4 million will increase economic development in Western Pennsylvania through a partnership between Penn State and the the Community Foundation of Western PA and Eastern OH with the support of the Sharon community.

Through a public and private sector partnership between businesses, education and industry, two endowments, each $1 million were created. Penn State's LaunchBox and Economic Development matching programs will match the endowments 1:1 to total $2 million each for a total of $4 million

The endowments will establish a Penn State LaunchBox and a fund to support business owners and Sharon.

Created by Penn State President, Emeritus Eric Barron in 2015, the LaunchBox and Innovation Hub program supports revitalization in Pennsylvania communities by providing the University's resources to help start and accelerate businesses at no cost.

Penn State Shenango's Campus Director, Jo Anne Carrick says a Penn State LaunchBox will be a catalyst in the region thanks to resources like co-working spaces, legal advice, makerspaces and coaching.

"Our goal is to facilitate partnerships between businesses, education and industry while providing facilities and programming to drive regional economic development," Carrick said.

The LaunchBox endowment will fund the establishment of the Shenango LaunchBox powered by the Greater Sharon Community. Locations in downtown Sharon are being explored and and permanent staffing will be established to support entrepreneurs and business owners.

The endowment will specifically support both new and existing businesses that operate within Sharon's zip code. Startup founders can apply for funds to de-risk and accelerate operations.

Application information will be announced at a later date.

Innovation and entrepreneurial programming will begin in the fall at an interim location. All community members are welcome to participate.