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FOR IMMEDIATE RELEASE |
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State
Rep. Scott Conklin |
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Conklin proposal expanding financial assistance for tourism, agricultural industries passes state House
HARRISBURG, March 12 – Legislation introduced by Centre County state Rep. Scott Conklin that would provide additional opportunities for tourism and agricultural projects to receive state financial assistance through the First Industries program passed the state House today.
Conklin said his proposal (H.B. 1265) would allow entities that do not offer deposit services, such as farm credit system institutions, to participate in the First Industries loan guarantee program and reduce the amount of private funding required for a project to be eligible for a loan from $1 million to $250,000.
"Agriculture and tourism are Pennsylvania's leading industries and are responsible for the livelihoods of thousands of families across the Commonwealth," Conklin said. "By opening up and expanding the First Industries program, we have the ability to help Pennsylvania tourism and agricultural companies succeed in today's tough economic market. These loans are especially important to small agricultural businesses that need to make equipment upgrades or expand their facilities to meet the demands of a changing world."
Conklin said the First Industries program was part of Gov. Ed Rendell's 2004 economic stimulus package and the Department of Agriculture's PA Grows initiative. It provides substantial financial assistance to owners of tourism-related businesses and to farmers for expansion and capitalization. Expanding this program, Conklin said, would allow the state to invest more in the two industries to have the most significant impact on the state's economy.
"Agriculture and tourism are critical contributors to Pennsylvania's economy," he added. "I am pleased that my colleagues in the House have approved this measure and I am hopeful the state Senate will follow suit."
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