Bill to ease business financing options sent to state Appropriations Committee

Rep. Duane Milne
Rep. Duane Milne | The Office of Rep. Duane Milne

A bill that calls for consolidating several of the state's business loan programs into a proposed Pennsylvania Business Development Authority (PBDA) was sent to the House Appropriations Committee for review on Wednesday.

Sponsored by state Rep. Duane Milne, H.B. 1550 would create a simplified way for businesses to receive funding for growth and relief opportunities. Rather than pursuing disparate parties for financing, the PBDA would be a consolidated, autonomous group that small businesses can approach.

Through the reinvestment of loan repayments, the PBDA would encourage a sustainable system for financial assistance, with a focus on flexibility and relevance to the particular market. The streamlined system is intended to give locals a customer-oriented, efficient service for their business’ financial needs.

Among the services that would be offered by the PBDA are economic climate-specific financing tools, which would assist with long-term financial goals and seek to make Pennsylvania into a local and global economic competitor. The bill also calls for a job-creation program and a scanning committee, which would determine local needs and growth opportunities.

Currently, business owners can go through eight different financing programs that are governed by four entitities.

Organizations in this story

Rep. David Milne (R-167) 70 W. Lancaster Ave., Suite B Malvern, PA - 19355

Get notified the next time we write about Rep. David Milne (R-167)!