Senate Bill 478 Printer's Number 1984

PENNSYLVANIA, September 29 - study and other professional services to develop or ensure

the success of an employee-owned enterprise.

(d) Repayment of awarded money.--Money awarded to an

employee-ownership group under subsection (c) will constitute a

low-interest loan and the employee-ownership group shall repay

the entire amount of the loan, with interest, within one year of

issuance. The amount of the loan repaid shall be returned to the

office for the purpose of issuing additional loans. The interest

paid on the loan shall be used by the office for administrative

costs associated with administering this act.

(e) Other conditions.--

(1) The applicant shall provide evidence that there is a

prospect for recovery and future job growth or job retention

in applications under subsection (b)(1)(i) or a substantial

prospect of job growth or job retention in applications under

subsection (b)(1)(ii) and (iii).

(2) Maximum State participation shall be the lesser of

50% of the total cost of the technical assistance or $35,000.

Section 6. Financial assistance.

(a) Authorization to allocate funds.--The office may

allocate or distribute money to local administrative agencies

for the purpose of providing loans and loan guarantees LOW-

INTEREST LOANS to employee-owned enterprises reorganizing

industrial facilities, manufacturing facilities and agricultural

enterprises as defined in section 3 of the act of May 17, 1956

(1955 P.L.1609, No.537), known as the Pennsylvania Industrial

Development Authority Act, for the development of employee-owned

enterprises.

(b) Eligibility.--

(1) Eligibility for assistance shall be limited to

20250SB0478PN1984 - 9 -

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