§ 2905. Eligibility for loans; terms and conditions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 1, 2014
Effective: November 1, 2014
12 Pa.C.S.A. § 2905
§ 2905. Eligibility for loans; terms and conditions
(a) Loans; general rules.--The authority may make advances from the fund, subject to the terms, conditions and restrictions provided under this chapter, for the purpose of making loans to business enterprises involved in industrial processes, mining, manufacturing, production agriculture, information technology, biotechnology, service as a medical facility or other industrial or technology sectors, as defined by the authority, to acquire and install new machinery and equipment or upgrade existing machinery and equipment, including the acquisition, application and utilization of computer hardware and software.
(iv) Be limited to projects that demonstrate the creation or retention of one job for every $25,000 received from the fund. This subparagraph does not apply to loans made to business enterprises involved in production agriculture or to loans made to medical facilities. The authority may, by submitting notice to the Legislative Reference Bureau for publication in the Pennsylvania Bulletin, periodically update the amount under this subparagraph, based on changes in unemployment statistics, inflation, the authority's cash flow and the need to keep this Commonwealth and the businesses of this Commonwealth competitive.
Credits
2004, Feb. 12, P.L. 99, No. 12, § 2, effective upon publication of guidelines required by 12 Pa.C.S.A. § 2912 [Dec. 30, 2004]. Amended 2014, Oct. 22, P.L. 2569, No. 161, § 8, effective Nov. 1, 2014.
12 Pa.C.S.A. § 2905, PA ST 12 Pa.C.S.A. § 2905
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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