Sen. Yaw: Senate Votes to Help PA’s Economy and Veterans

HARRISBURG – To support Pennsylvania’s economy and veterans, the state Senate passed legislation last week that would establish a Veteran-owned Business Loan Guarantee Program, according to Sen. Gene Yaw (R-23). 

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:   Nick Troutman, Chief of Staff   (717) 787-3280