Senate Votes to Help PA’s Economy and Veterans

HARRISBURG – To support Pennsylvania’s economy and veterans, the Senate passed legislation that would establish a Veteran-owned Business Loan Guarantee Program, said Sen. Cris Dush (R-25).

The program would provide loan guarantees to commercial lending institutions that make loans to veteran-owned businesses. The Commonwealth Financing Authority would be authorized to guarantee up to 50% of the outstanding principle of the loan, limited to $250,000 for any one loan.

Senate Bill 830 would permit the allocation of $5 million for loan guarantees to veteran-owned businesses from the Second Stage Loan Program.

Commercial lending institutions must file an application for a proposed loan that includes basic information about the borrower, the number of projected new or retained employees, financial statements from the borrower and a statement regarding the purpose of the loan.

Having received support in the Senate, the bill now moves to the House of Representatives for consideration.


CONTACT:    Zack Ankeny

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