House Co-Sponsorship Memoranda

House of Representatives
Session of 2019 - 2020 Regular Session

Posted:	February 21, 2019 09:05 AM
From:	Representative Michael J. Driscoll
To:	All House members
Subject:	DCED Business Loan Rates for Benefit Corporations

As you know, benefit corporations are for-profit companies who have the intended purpose to have a positive impact on communities, people, and the environment. These corporations have been in existence for less than 10 years, but are likely to play a large role in our future economy. We need to act now to promote benefit corporations help grow this exciting business sector. My legislation encourages benefit corporations to locate and grow in Pennsylvania by providing a 1.5% discount on the interest rates of Pennsylvania Industrial Development Authority (PIDA) loans. PIDA loans typically help businesses acquire land or buildings and can help with construction or renovations. By providing new and growing benefit corporations with a leg up, we work toward more jobs and a healthier economy for all Pennsylvanians. Please join me in co-sponsoring this legislation to benefit our workers and the Commonwealth.
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Introduced as HB813