Shusterman’s job bill clears Commerce Committee
HARRISBURG, May 22 – A bill authored by Rep. Melissa Shusterman, D-Chester/Montgomery, aimed at creating thousands of jobs in the life sciences, advance technology and manufacturing industries has passed the House Commerce Committee.
“This legislation would help businesses in these rapidly growing fields stay afloat and create a lot more job opportunities in Pennsylvania,” Shusterman said.
According to Shusterman, H.B. 719 would help businesses within these industries thrive by providing them with loan guarantees through Pennsylvania’s Second Stage Loan Program under the agreement that recipients must keep their practices within Pennsylvania.
“We must make sure that the program contains the right parameters to ensure guarantees are being delivered to Pennsylvania businesses who commit to Pennsylvania, who commit to the people living, working and raising families here,” Shusterman said.
Due to the lack of bank history among businesses in these fields, Shusterman said banks are often reluctant to extend lines of credit or working capital to businesses in these fields, which commonly causes them to fail during their critical developing years.
Pennsylvania’s Second Stage Loan Program offers guarantees for bank loans to second stage manufacturers, advanced technology, and life sciences companies in business for two to seven years.
The bill was sent to the full House for consideration.