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§ 390.8. Loans and financial participation by the authority

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. § 390.8
§ 390.8. Loans and financial participation by the authority
(a) The authority shall not make loans, guarantee loans or investments or provide other financial assistance pursuant to section 7 hereof1 unless a majority of the board of directors present at a meeting vote in favor of the action. A majority of members of the board of directors of the authority will constitute a quorum.
(b) Any loan or other financial assistance made by the authority as authorized in section 7 shall be for such period of time and shall bear interest at such rate as shall be determined by the authority and loans shall be evidenced by bond or note of the borrower and secured as may be required by the board of directors.
(c) Prior to the loaning of any funds or granting any financial assistance to a minority business enterprise, the authority shall receive from such prospective borrower an application in form adopted by the authority and abiding by any regulations established by the authority.
(d) No loan or other financial assistance shall be made or granted to a minority business enterprise unless the minority business enterprise certifies to the authority, in form satisfactory to the authority, that it shall not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or age, including, but not limited to the following: employment, upgrading, demotion or transfer; recruitment or recruitment advertising; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The minority business enterprise shall also certify to the authority that it is not currently under citation for pollution violations, and that in the future it will meet all applicable anti-pollution standards.
(e) Each recipient of a loan, loan guarantee or equity guarantee shall be provided with technical assistance services that will contribute to the success of the enterprise and its ability to repay loans and provide return on equity. These services may include such areas as market surveys, accounting, financial reporting, legal assistance, billing and marketing.

Credits

1974, July 22, P.L. 598, No. 206, § 8, imd. effective. Amended 1984, July 2, P.L. 574, No. 114, § 4, imd. effective.

Footnotes

73 P.S. § 390.7.
73 P.S. § 390.8, PA ST 73 P.S. § 390.8
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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