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Fontana Business Development Legislation Enacted
On July 14, 2016
Harrisburg, July 14, 2016 –Sen. Wayne D. Fontana’s (D-Allegheny) legislation that funds the state’s “Business in our Sites” program has passed the legislature and was signed into law (Act 85 of 2106) by the governor.
The Business in our Sites program invests state dollars in shovel-ready sites to spur economic development. The Fontana proposal, which was tacked on to the state’s fiscal code legislation (House Bill 1605), uses underutilized program dollars administered by the state’s Commonwealth Financing Agency to recapitalize the program.
“Funding this successful program is a proven way to help stimulate our economy, move business forward and create jobs as we continue to emerge from the recession,” Fontana said.
The fiscal code legislation recapitalizes the program by transferring $75 million from the state’s “First Industries” and “Building PA” programs. Business in our Sites grant awards are limited to 40 percent of the financing awarded, up to $4 million. The program provides grant and loan investments to current and emerging businesses interested in locating, expanding and developing business sites in Pennsylvania. Up to a third of the program’s money can be used to provide grants.
Fontana’s original proposal (Senate Bill 673) would have generated the $75 million recapitalization monies by allocating $50 million from the underutilized programs and $25 million in revolving loan funds. That bill remains in the Senate Committee on Community, Economic and Recreational Development.
“Economic development remains one of my top priorities,” Fontana said. “Anything we can do to stimulate economic initiatives and job growth will have a positive ripple effect throughout our region and state.”
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