Dear PEDA Member: This is a call to action from Vito Gallo, PEDA Advocacy Committee Chair and David Black, PEDA President. Legislation designed to streamline the application process for business financing programs is moving in Harrisburg. PEDA has created this action alert so that you can make legislative contacts quickly and simply. To send the letter below to your legislators – customizing it if you so wish – click on the link to “take action now”, enter your address, and send the sample letter of support for HB1550 as it was amended in the House Commerce Committee on June 4th. We’re hopeful that the bill will come before the full House next week and are asking that you please contact your Representatives to express your support for the amended HB1550 today or tomorrow while they are in their districts. A link to the bill can be found at http://bit.ly/1obtkQqand more detailed information on this legislation can be viewed at http://www.peda.org/legislativenews. Based on the House Commerce Committee’s unanimous passing of the bill as amended, please be encouraged to submit your questions and comments to PEDA. Thank you for your participation and please look for additional PEDA action alerts in the coming weeks pertaining to other advocacy priorities.

Dear Representative:

Issue: House Bill 1550 – Business Financing Programs Application Streamlining

Position: Please support the amended HB1550.

House Bill 1550, sponsored by Rep. Duane Milne, was amended and unanimously passed by the House Commerce Committee on June 4.  At that time, an amendment, developed in concert with DCED, House staff, and PEDA, was offered, and adopted.  The purpose of the bill is to provide businesses with a one- stop -shop for financing that better leverages assets and provides for future projects through reinvesting loan repayments.  The bill simply consolidates existing programs, AND IS REVENUE NEUTRAL.  It is a “good government” initiative, and should become law, in time to be implemented with the coming budget.  In summary, the benefits of the amended bill are as follows.

• Loan application process will be streamlined and create a “one-stop shop” for businesses.
• Program revisions will make these financing programs more useful to businesses and more responsive to an ever changing economy.
• Program consolidation will result in more efficient management of these financing programs and allow Pennsylvania to compete with financing programs offered by other states.