|January 22, 2021 11:36 AM
|Representative Michael J. Driscoll
|All House members
|Assisting Benefit Corporations with Low Interest Loans
|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 so we can 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.
Introduced as HB501