Shusterman introduces bill to help create jobs and boost Pennsylvania’s economy

HARRISBURG, March 5 – State Rep. Melissa Shusterman introduced legislation today to ensure that Pennsylvania’s economy is boosted by a state loan guarantee program that assists early and mid-stage businesses.

House Bill 719 would ensure businesses using the Second Stage Loan program will create more job opportunities in Pennsylvania, and would ensure that businesses that receive loan guarantees are not only located in Pennsylvania, but stay in Pennsylvania.

“The Second Stage Loan Program provides vital assistance to help businesses grow and thrive, and we want to make sure we’re boosting Pennsylvania’s economy, too,” said Shusterman, D-Chester/Montgomery. “I was elected to bring commonsense legislation to Pennsylvania. This bill would provide a stronger economy and create sustainable jobs in my district and around the state.”

The Second Stage Loan Program is a loan guarantee administered by the Commonwealth Financing Authority that guaranteed loans made by commercial lending institutions to life science, advanced technology, or manufacturing businesses. The program provides banks with an extra measure of security to encourage them to provide early stage companies with working capital.