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02/29/2024 07:29 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=39165
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: January 9, 2023 10:03 AM
From: Representative Darisha K. Parker
To: All House members
Subject: Local Business Forgivable Loan Program
 
Local businesses deserve leadership in Harrisburg that fights for them. As most jobs in our state are created by local businesses, we need to work together and do what is necessary to set them up for success. It is paramount that we invest in neighborhoods that have suffered from economic inequalities and continue to struggle. 
 
My legislation will establish a forgivable loan program to strengthen local businesses in low- to moderate-income neighborhoods throughout Pennsylvania. Forgivable loans, available to local businesses in an eligible commercial corridor, will range from $25,000 to $50,000 and may be used to make system and building improvements essential to growing and maintaining the business. Upon meeting all program goals after five years, the loan will be forgiven.
 
These loans will provide the boost struggling companies need to put them back on the path to success. When local businesses thrive, jobs are created, communities and families prosper, and our economy grows strong. By helping local businesses succeed, we can positively impact the well-being of all Pennsylvanians.
 
I hope that you will join me in support of our local businesses by co-sponsoring this legislation.
 



Introduced as HB1520