§ 395.4. Incubator grants, loans and loan guarantees
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 395.4
§ 395.4. Incubator grants, loans and loan guarantees
(4) Demonstrate the ability to manage and operate the incubator facility in accordance with section 5.1
(1) Grants and loans awarded or guaranteed shall be used only for the acquisition and leasing of land and buildings, the construction, rehabilitation and expansion of buildings or other facilities and the purchase of equipment and furnishings, which are necessary for the creation and operation of the incubator.
(2) Grants, loans and loan guarantees may not exceed 50% of total eligible project costs, or $650,000, whichever is less. The maximum grant amount awarded in any project may not exceed $240,000. Grants shall be provided only to projects located in municipalities designated as distressed under the act of July 2, 1984 (P.L. 520, No. 105), known as the Business Infrastructure Development Act.2
(3) Funds loaned shall be secured by lien positions on collateral at the highest level of priority which can accommodate the borrower's ability to raise sufficient debt and equity capital. When the obligation of a local sponsor is guaranteed, the financial institution holding the obligation shall be required to adequately secure the obligation.
Credits
1984, July 2, P.L. 555, No. 111, § 4, imd. effective. Amended 1986, July 9, P.L. 1193, No. 101, § 1, retroactive effective April 1, 1986; 1987, July 9, P.L. 233, No. 41, § 1, retroactive effective June 30, 1987.
73 P.S. § 395.4, PA ST 73 P.S. § 395.4
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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