§ 395.6. Challenge grants for seed capital funds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 395.6
§ 395.6. Challenge grants for seed capital funds
(c) Use of funds.--The board may award challenge grants to eligible applicants following receipt of an application consistent with the criteria specified in this act. Recipients of grants shall not expend any of the funds awarded unless and until the board has assured itself that the following conditions hold:
(ii) at least $1 of private investment has been committed to the proposed seed capital fund for every $1 of the challenge grant awarded; at least $1.5 million of total investment, including the challenge grant, has been committed to the seed capital fund; and no investment is to be made from the fund in a small business project without an equal or greater investment from private sources other than the fund in the same small business project, such that, in total, at least $3 of private investment has been committed to an individual small business project for every $1 of challenge grant funds invested.
(2) Investments from the seed capital fund will be made exclusively in small businesses located in this Commonwealth, including, but not limited to, tenants of incubators. For the purposes of this section, small businesses shall not include businesses of a mercantile or services related nature, but shall include international export related services, international export related mercantile ventures and advanced technology or computer related ventures which will increase the Commonwealth's share of domestic or international markets.
In the event that recipients of funds cannot demonstrate these conditions by June 30, 1986, the grants, or the portions thereof for which the conditions are not satisfied, shall be rescinded by the board and shall be available to the board to use for loans and loan guarantees to incubators consistent with section 4.1
Credits
1984, July 2, P.L. 555, No. 111, § 6, imd. effective.
Footnotes
73 P.S. § 395.4.
73 P.S. § 395.6, PA ST 73 P.S. § 395.6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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