Loan program extended until 2015
State Senator Elder Vogel, Jr. announced today that Senate Bill 1007, legislation he authored to extend the First Industries Program, passed the House of Representatives today by a vote of 198-0. This legislation had previously passed the Senate 50-0 on June 23, 2011.
The First Industries Program backs low cost loans assisting with the financing of an economic development project primarily related to agriculture and tourism. This legislation will continue to allow a farm credit institution, a commercial lending institution, or a community development financial institution to participate in the First Industries Program, and enable the Commonwealth Financing Authority to continue providing loan guarantees of 51% to 90% of the loan principal to finance an agricultural project. SB 1007 keeps the minimum amount of private investment at the $500,000 threshold, and extends the sunset provisions of the Commonwealth’s First Industries Program from June 30, 2011 until July 15, 2015. The governor is expected to sign the bill quickly to avoid any disruption in the program.
“The First Industries Program helps agriculture grow and compete in a difficult economic environment. I’m glad the Legislature recognized the importance of this program and acted swiftly before the deadline,” Vogel said.
CONTACT: Joe Weidner
Harrisburg: (717) 787-3076
District Office: (724) 774-0444