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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | March 20, 2014 03:04 PM |
|---|---|
| From: | Representative W. Curtis Thomas |
| To: | All House members |
| Subject: | Creation of the Small Business Forgivable Loan Program |
| In the near future, I intend to introduce legislation establishing the Small Business Forgivable Loan Program. The purpose of this legislation is to strengthen small businesses in low-income to moderate-income neighborhoods throughout Pennsylvania by offering them forgivable loans ranging from $25,000 to no more than $50,000. The program, which would be administered through the Department of Community and Economic Development, would be available to businesses located in an eligible commercial corridor for a variety of purposes, including upgrades to telephone and security systems, kitchen equipment, computer equipment, new flooring, lighting and other similar improvements imperative for growth. Applications to the program would be competitive and based on several factors, including enhancement of an existing retail cluster, creation of increased foot traffic, community support, and job retention and creation. If, after five years, the business was successful in achieving program goals, the loan would be forgiven. If not, the loan would require repayment, with interest, over a period of five additional years, the proceeds of which would be reinvested in the program. Funding for the program would be derived from a future budget appropriation made by the General Assembly after the program is established. I hope you will join me in co-sponsoring this legislation. |
Introduced as HB1023