(1) That the promotion of economic development is a legitimate and necessary governmental function.

(2) That there currently exists in the Commonwealth a situation wherein there is a disproportionate share of business ownership by socially and economically disadvantaged persons, and those businesses which are minority-owned are predominately small retail service establishments.

(3) That such conditions are chronic and of long-standing and that without remedial measures there is little prospect for improvement in the near future, and the opportunity for full participation in our free enterprise system by socially and economically disadvantaged persons is essential if we are to obtain social and economic justice for such persons and improve the functioning of our economy.

(4) That the presence of viable minority enterprises will provide incentives as well as employment or business opportunities for youths which will add justification, strength and perseverance of their faith in our American political and economic institutions and the philosophy of freedom on which those institutions are based.

Therefore, it is hereby declared to be the policy of the Commonwealth of Pennsylvania to promote health, safety, morals, business opportunities and general welfare of all the inhabitants thereof by the creation of a body corporate and public to be known as the “Pennsylvania Minority Business Development Authority” which shall exist and operate for the public purposes of (i) alleviating and overcoming the many barriers to business opportunity that have too long handicapped socially and economically disadvantaged persons; and (ii) providing assistance, financial and otherwise, which will contribute to well-balanced National and State economies by facilitating the acquisition or maintenance of ownership of business enterprises by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages. Such purposes are hereby declared to be public purposes for which public money may be spent.

(5) That it will benefit the Commonwealth as a whole if minority businessmen can acquire business assets at a lower cost and with greater facility than is now possible.