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.