Harrisburg's Regional Chamber board of directors recently voted to support the reorganization and consolidation of Pennsylvania's business financing programs into the Pennsylvania Industrial Development Authority (PIDA).
H.B. 1550 creates a process for businesses to access capital required for growth. Under the legislation, the state's financing programs for businesses would be revamped to streamline the capital acquisition process.
"The current application processes for various loans are a hodgepodge of processes," Bub Manning, the chairman of the board and principal of Quandel Construction, said. "In order to better serve the business client, this legislation will create uniformity in the process and accountability. This bill has no fiscal impact on the state budget since it is about process only. The passage of HB 1550 will improve connections between Pennsylvania businesses and state business financing opportunities and will support regional economic growth in the Harrisburg Region, as well as regions statewide."
The board also approved a bill introduced by state Sen. Pat Vance that would extend the Health Care Cost Containment Act to June 30, 2017, and reauthorize the Pennsylvania Health Care Cost Containment Council (PHC4), an independent agency representing numerous industries.
"PHC4 is a model of transparency in health care costs and frequently cited as a best practice nationally," Manning said. "The passage of this legislation is needed to reauthorize the good work of PHC4 for another three years."
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