PRINTER'S NO. 2114
No. 1655 Session of 1985
INTRODUCED BY LLOYD, BUSH, DeWEESE, BATTISTO, LINTON, PRESSMANN,
E. Z. TAYLOR, PUNT, SHOWERS, JOHNSON, VROON, DALEY,
D. W. SNYDER, DeLUCA, GODSHALL, CAWLEY, TIGUE, ITKIN,
MICHLOVIC, BLAUM, CARN, WOZNIAK, OLASZ, BELFANTI, NAHILL,
PISTELLA, D. R. WRIGHT, AFFLERBACH, MORRIS, PRATT, KUKOVICH,
COY, O'DONNELL AND LASHINGER, SEPTEMBER 30, 1985
REFERRED TO COMMITTEE ON APPROPRIATIONS, SEPTEMBER 30, 1985
AN ACT
1 Amending the act of July 2, 1984 (P.L.555, No.111), entitled "An
2 act creating a small business incubator program; providing
3 for loans and loan guarantees to small business incubators;
4 specifying the conditions of and requirements for grants and
5 loans; providing for seed grants; and making appropriations,"
6 further regulating loan conditions.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 4(c)(6) and (7) of the act of July 2,
10 1984 (P.L.555, No.111), known as the Small Business Incubators
11 Act, are amended to read:
12 Section 4. Incubator loans and loan guarantees.
13 * * *
14 (c) Loan conditions.--
15 * * *
16 [(6) Interest on all loans shall be no less than the
17 interest paid on the bonds issued pursuant to the act of July
18 2, 1984 (P.L.512, No.104), known as the Pennsylvania Economic
1 Revitalization Act.
2 (7)] (6) Funds may be lent for a maximum of ten years or
3 the useful life of the property, as established by the United
4 States Department of Treasury, whichever is greater.
5 Section 2. This act shall take effect in 60 days.
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