§ 1557. New Pennsylvania Venture Capital Investment Program
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: April 1, 2004
Effective: April 1, 2004
64 Pa.C.S.A. § 1557
§ 1557. New Pennsylvania Venture Capital Investment Program
(a) Establishment.--There is established a program to be known as the New Pennsylvania Venture Capital Investment Program. The program shall provide loans to venture capital partnerships for investment in Pennsylvania- related companies. The nature of the investments shall be equity or convertible debt.
(1) Upon being satisfied that all requirements have been met, the board may approve the application, and, if approved, the authority shall award a loan. The board shall establish the term of repayment of principal and payment of interest and other return to the authority and all other terms and conditions of the loan consistent with the provisions of this section.
(2) At least 50% of the funds made available for the program under this section shall be used to make loans for investments in Pennsylvania-related companies located in Pennsylvania counties which are outside the Philadelphia Metropolitan Statistical Area and which have a population of 1,000,000 or less, based on the 2000 Decennial Census of the Bureau of the Census.
(3) At least 50% of the funds made available for the program under this section shall be used to make loans to venture capital partnerships which have primary offices staffed with at least one senior-level partner located in Pennsylvania counties which are outside the Philadelphia Metropolitan Statistical Area and which have a population of 1,000,000 or less, based on the 2000 Decennial Census of the Bureau of the Census.
Credits
2004, April 1, P.L. 163, No. 22, § 1, imd. effective.
64 Pa.C.S.A. § 1557, PA ST 64 Pa.C.S.A. § 1557
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |