FOR IMMEDIATE RELEASE
Rep. Rick Mirabito
House passes Mirabito's small business incubator bill
Mirabito says bill would help keep brightest entrepreneurs here in Pennsylvania
HARRISBURG, May 25 – The Pennsylvania House of Representatives today passed state Rep. Rick Mirabito's bill that would help entrepreneurs start their own businesses.
House Bill 2394 would reallocate $20 million from the underutilized Tax Increment Financing Loan Guarantee Program (which provides loan guarantees for revitalization of brownfield and greenfield sites) to the Small Business Incubator Program.
"The goal of my bill is to keep our best and brightest entrepreneurs right here in Pennsylvania and give them the support they need to create jobs and spur local economies. And we can do this without spending any additional tax dollars," Mirabito said.
Created in 1984, the Small Business Incubator Program allows start-up companies to pool resources and share services such as clerical support, copiers, IT and financial advisement, helping to lower costs.
Mirabito's bill also would:
· increase the subsidy amount and lower the match requirement for small businesses;
· eliminate the seed capital component for assistance that can be difficult to secure; and
· require that a business demonstrates how it will maintain sustainability throughout ongoing business operations.
The bill was amended so if an entrepreneur leaves the state while still in the business incubator, they would be required to return any grants they received.
The bill now goes to the state Senate for consideration.