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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | April 8, 2024 01:34 PM |
|---|---|
| From: | Representative Scott Conklin |
| To: | All House members |
| Subject: | Minority Business Development |
| Pennsylvania’s minority-owned businesses are important contributors to Pennsylvania’s economy. Yet, too often, these businesses struggle to secure the capital they need to grow and maintain their competitiveness in the marketplace. The legislation that I will be introducing would create the Minority Business Development Fund within the Pennsylvania Minority Business Development Authority to provide low-interest loans or equity financing to ethnic-owned businesses in the Commonwealth. This fund would provide eligible businesses with means ranging from $3 million for one or more projects, to a maximum of $5 million for up to three projects. Minority-owned businesses in counties of the First or Second Class would be eligible for a maximum of $10 million per applicant. The funds would be used as equity and patient capital; gap financing; and for soft loans and predevelopment. Creating opportunity is vital to maintaining and growing minority-owned businesses in Pennsylvania. When we support the efforts of these businesses, we build stronger communities, create jobs and strengthen the economy of the Commonwealth. Join me in supporting Pennsylvania’s ethnic-owned businesses. |
Introduced as HB2202