|Posted:||December 27, 2016 09:07 AM|
|From:||Representative W. Curtis Thomas|
|To:||All House members|
|Subject:||Small Business Forgivable Loan Program|
|In the near future, I plan to introduce legislation establishing the Small Business Forgivable Loan Program.
The purpose of this legislation is to strengthen small businesses in low- to moderate-income neighborhoods throughout Pennsylvania by offering them forgivable loans ranging from $25,000 to $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 and could be used for a variety of purposes, including upgrades to telephone and security systems, kitchen equipment, computer equipment, new flooring, lighting and other similar improvements imperative to 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 is 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 repayment proceeds 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.
Please join me in co-sponsoring this legislation.
(Formerly HB 288 of the 2015-16 Legislative Session)
Introduced as HB545