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Pennsylvania House of Representatives
05/20/2024 04:16 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=12572
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House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: April 19, 2013 04:19 PM
From: Representative Duane D. Milne
To: All House members
Subject: Proposed legislation: Pennsylvania Business Development Authority (PBDA)
 
As you know, Governor Corbett proposed merging and consolidating business financing programs into the Pennsylvania Business Development Authority (PBDA) in his budget as an effort to streamline state government and provide a more customer friendly program that will help Pennsylvania businesses grow and create much-needed jobs.

In the near future, I will be introducing legislation to provide businesses with a one- stop -shop for financing that better leverages assets and provides for future projects through reinvesting loan repayments.

This legislation would consolidate eight different financing programs currently governed by four different entities into one authority to be known as PBDA. This new authority would create a single point of contact with a single application for businesses seeking capital to grow their businesses and will provide flexibility in financing tools that is more responsive to the ever-changing realities of a 21st century global economy. It will also allow for long-term strategic planning when it comes to business financing.

The bill calls for the creation of a board, comprised of gubernatorial and legislative appointments that will govern the Authority. The Board will identify current financing needs of businesses and apply resources to address those needs through an annual financing strategy that outlines to the General Assembly, the Governor and the business community where resources will be focused in the coming year.

Pennsylvania businesses deserve a job creation program that is customer-friendly, easy to access and targets funding to meet the needs of the current economic climate. We need to expand the ability of Pennsylvania to complete in our regional and global marketplace and provide greater flexibility and efficiency in business financing programs.