Please take a few moments to read the following letter, provided by DCED Secretary C. Alan Walker, regarding HB 1550.
The successful culmination of the tremendous effort of many at the Department of Community and Economic Development (DCED) and our partners at PEDA to enact legislation to create a streamlined, customer-friendly, one-stop-shop for Pennsylvania business financing needs is heading to the governor's desk for signature.
On Tuesday night, the State House of Representatives, by a vote of 192-0 approved House Bill 1550, long-awaited legislation to consolidate five DCED administered loan programs into the Pennsylvania Industrial Development Authority (PIDA). This vote of approval follows overwhelming support from the Pennsylvania Senate.
The legislation merges the Small Business First (SBF), Community Economic Development (CED), Export Financing (EFP), Pollution Prevention Assistance Account (PPAA) and Machinery and Equipment Loan Fund (MELF) programs into PIDA to create a single point of entry to support a number of business growth needs including: site development, infrastructure improvements, machinery and equipment acquisition, and capital for small businesses and entrepreneurs.
HB 1550 will also transition the governor's Executive Order 2012-12 creating the Pennsylvania Military Community Protection Commission to the Pennsylvania Military Community Enhancement Commission. This new commission will carry the weight of law and reflects the administration's commitment to the 60,000 Department of Defense employees in Pennsylvania and the significant role the defense sector plays in Pennsylvania's communities and overall economy.
There are countless members of my team, as well as our partners who worked very hard to ensure this important economic development legislation crossed the finish line, and I congratulate and thank everyone for successfully getting the job done. It was a true team effort!
I truly believe Pennsylvania's best days lie ahead!
Under the governor's leadership, Pennsylvania has a much improved tax and regulatory climate; a strategic plan to grow industry including manufacturing, energy, and the life sciences; significant new investment in our transportation infrastructure; and new programs like Innovate in PA.
Now we have a tremendous asset that will transform the way DCED administers and industry accesses our business financing programs, providing access to capital to support business growth, new job creation and economic competitiveness.
We will continue to provide updates related to the initiative including DCED administration and implementation. We will also provide updates on newPA.com/PIDA.
Thank you again for your hard work in helping to get this important legislation enacted.
C. Alan Walker, Secretary