Bill > HB1049

This bill modifies the Second Stage Loan Program by expanding the types of entities eligible to participate beyond commercial lending institutions to include commercial lending institutions, community development financial institutions, and certified economic development organizations. The bill updates various provisions related to loan guarantees, including application requirements, review processes, and guarantee limitations. Key changes include removing the seven-year business existence cap, allowing more flexible guarantee percentages determined by the authority, and requiring applicants to demonstrate job creation or retention within Pennsylvania. The bill also adds new requirements for loan applications, such as providing statements about job impact, borrower location, and service area. The modifications aim to provide more flexibility and opportunities for businesses in life sciences, advanced technology, and manufacturing sectors to access loan guarantees, while maintaining oversight through detailed application and review processes. The changes will take effect 60 days after the bill's passage, potentially making it easier for a broader range of organizations to support business growth in the Commonwealth.

Budget and Finance

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1049