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§ 390.7. Activities and powers of the authority, specific

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 12A. Minority Business Development Authority Act (Refs & Annos)
73 P.S. § 390.7
§ 390.7. Activities and powers of the authority, specific
The authority shall have the power:
(1) To lend money to and to guarantee, endorse or act as surety on the bonds, notes, contracts or other obligations of, or otherwise assist financially, a minority business enterprise, and to establish and regulate the terms, security and conditions with respect to any such loans or financial assistance and the charges for interest and service connected therewith, all at the sole discretion of the board of directors.
(2) To guarantee up to fifty per cent of equity investments in a minority business enterprise made by any person, partnership, corporation or other entity not then an equity holder or involved in the management of the minority business enterprise or employed by said minority business enterprise or in any way related to said enterprise, its current shareholders, officers or other management personnel, any such guarantees to be made on such terms and conditions as may be determined by the board of directors in its sole discretion.
(3) To guarantee up to ninety per cent of bid and performance bonds needed by a minority business enterprise to obtain a contract with a Commonwealth agency pursuant to specifications of the agency or the Department of General Services.
(4) To provide short-term loans to minority contractors for working capital, up to fifty per cent of the value of the contract, not to exceed fifty thousand dollars ($50,000). Minority business enterprises which wish to participate may file an application to the board for assistance under this section, if the assistance is directly related to a Commonwealth contract on which the minority business enterprise is qualified to bid and intends to bid.
(5) To contract with private firms to provide technical and managerial assistance to applicants for and recipients of financial assistance provided under this act.

Credits

1974, July 22, P.L. 598, No. 206, § 7, imd. effective. Amended 1984, July 2, P.L. 574, No. 114, § 3, imd. effective.
73 P.S. § 390.7, PA ST 73 P.S. § 390.7
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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