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.

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Rep. David Milne (R-167)

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