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FOR IMMEDIATE RELEASE |
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State
Rep. Mike Hanna |
  
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Bill to expand loan access for Pa. farmers goes to governor
HARRISBURG, Oct. 8 – State Rep. Mike Hanna, D-Clinton/Centre, chairman of the House Agriculture and Rural Affairs Committee, said legislation he supports that would expand the ability of agricultural producers to access loans was voted out of the state Senate and will go to the governor for his signature.
The legislation (S.B. 768) would authorize farm credit system institutions to participate in Pennsylvania's First Industries Loan Guarantee Program and lower the amount of private funds required to be invested in a project from $1 million to $500,000.
"More farmers will be able to receive funding through the First Industries Program, and more projects will be eligible for loan assistance through the new guidelines," Hanna said.
Hanna said the House generated the original bill (H.B. 1265), authored by state Rep. Scott Conklin, D-Centre, and the Senate returned to the House its own version of the legislation. Hanna arranged meetings with the state Department of Community and Economic Development, agriculture organizations, other stakeholders and lawmakers to resolve differences in the bill, which resulted in the compromise version sent to the governor.
"The final version of the bill helps farmers choose the financial provider they want while allowing them access to the benefits of First Industries," Hanna said. "The compromise resulted in a good piece of legislation that will help agricultural producers complete the projects they need to maintain and grow their businesses."
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