Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB2202

Introduced
4/10/24  
Refer
4/10/24  
Refer
4/30/24  
Report Pass
5/1/24  
Engrossed
5/1/24  

Caption

Further providing for activities and powers of the authority in general; establishing the Minority Business Development Program; and providing for reports.

Impact

If passed, the bill would significantly impact state laws by expanding the authority and funding mechanisms available to minority businesses. The maximum award amounts would be $5 million per year for loans and $3 million for equity capital, with higher limits for certain counties classified as first or second class. This increased support aims to bridge the funding gap for minority entrepreneurs, promoting economic equality and diversity in business ownership throughout the state.

Summary

House Bill 2202 seeks to enhance the capacity of the Pennsylvania Minority Business Development Authority by establishing the Minority Business Development Program. This program will provide financial assistance in the form of awards for minority business enterprises, including equity, gap financing, and soft loans. The amendments aim to support minority-owned businesses in their efforts to grow and thrive within the competitive economic landscape of Pennsylvania.

Sentiment

Discussions around HB 2202 have generally garnered positive feedback, especially among advocates for minority businesses and economic developers who view the bill as a crucial step toward reducing disparities in business access to capital. However, some critics express concerns regarding the effectiveness of such programs and whether they will truly reach the intended beneficiaries or merely create bureaucratic hurdles that could impede progress.

Contention

Notable points of contention include the potential for misuse of funds and the accountability measures necessary to ensure that the program achieves its intended outcomes. Opponents may argue that without rigorous oversight, the program could become ineffective, while proponents insist that the community benefits from increased support for minority businesses justify the risks involved. The bill's upcoming voting history will likely reflect these contrasting views.

Companion Bills

No companion bills found.

Previously Filed As

PA HB2267

In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.

PA HB1317

In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.

PA HB29

In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.

PA SB813

In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.

PA HB05481

An Act Establishing A Grant Program For Women And Minority-owned Businesses.

PA SB737

In municipal authorities, further providing for definitions, providing for public safety authorities and further providing for purposes and powers.

PA SB502

In municipal authorities, further providing for definitions, providing for public safety authorities and further providing for purposes and powers.

PA SB501

In municipal authorities, further providing for definitions, providing for public safety authorities and further providing for purposes and powers.

PA HB2256

In veteran-owned small businesses, further providing for definitions, for regulations, for participation goal, for duties of Department of General Services and for bonding and progress payments, providing for request for full or partial waiver and good faith efforts, further providing for reports and providing for disparity study; in small and disadvantaged businesses, further providing for policy and for definitions, providing for Small and Midsize Diverse Business Program and for nonapplicability, further providing for regulations and for duties of department, providing for request for full or partial waiver and good faith efforts, further providing for bonding and progress payments and for report to General Assembly and providing for aspirational target, for disparity study and for program review and expiration; providing for Program for Construction and Design Professional Services; and making editorial changes.

PA HB2637

In veteran-owned small businesses, further providing for definitions, for regulations, for participation goal, for duties of Department of General Services and for bonding and progress payments, providing for request for full or partial waiver of contract-specific goal, further providing for reports and providing for disparity study; in small and disadvantaged businesses, further providing for policy and for definitions, providing for Small Diverse Business Program and for nonapplicability, further providing for regulations and for duties of department, providing for request for full or partial waiver of contract-specific goal, further providing for bonding and progress payments and for report to General Assembly and providing for aspirational target, for disparity study and for program expiration; providing for Participation Program for Construction and Design Professional Services; and making editorial changes.

Similar Bills

No similar bills found.