SB 1258
An Act amending Title 12 (Commerce and Trade) of the Pennsylvania Consolidated Statutes, in small business first, further providing for capital development loans.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies Pennsylvania’s law regarding capital development loans for small businesses. It adjusts the maximum loan amount that can be awarded, increasing it to $2,000,000 or 50% of the project’s costs, whichever is lower. The bill also clarifies that costs incurred within the 12 months before applying for the loan are included in the total project costs. The act will take effect 60 days after it is passed.
Key provisions
- Increases the maximum loan amount for capital development loans to $2,000,000.
- Allows loans to be capped at 50% of the total capital development project costs.
- Includes costs incurred within the 12 months prior to application in project cost calculations.
- Specifies a 30-day review period for loan applications by the authority.
- Defines ‘capital development project costs’ for loan eligibility.
Who is affected
- Small businesses
- Pennsylvania businesses
- Financial institutions
- Economic development agencies
Notable changes
- Increases the maximum loan amount compared to previous limits.
- Clarifies the calculation of project costs for loan eligibility.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Judith Schwank
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