House Bill 1550, sponsored by Rep. Duane Milne, was amended and unanimously passed by the House Commerce Committee on June 4. At that time, an amendment, developed in concert with DCED, House staff, and PEDA, was offered, and adopted. The purpose of the bill is to provide businesses with a one- stop -shop for financing that better leverages assets and provides for future projects through reinvesting loan repayments. The bill simply consolidates existing programs, AND IS REVENUE NEUTRAL. It is a “good government” initiative, and should become law, in time to be implemented with the coming budget. In summary, the benefits of the amended bill are as follows.
• Loan application process will be streamlined and create a “one-stop shop” for businesses.
• Program revisions will make these financing programs more useful to businesses and more responsive to an ever changing economy.
• Program consolidation will result in more efficient management of these financing programs and allow Pennsylvania to compete with financing programs offered by other states.
Closing: Thank you for supporting job creating programs.