The Pennsylvania House of Representatives has approved and sent to the Senate a bill that would divert $20 million from a brownfield revitalization program to the Small Business Incubator program.
The measure's sponsor, Democratic Representative Rick Mirabito of Williamsport says the state's Tax Increment Financing Loan Guarantee Program to revitalize brownfield and greenfield sites is underused, and the current economic climate requires as many tools as possible to build jobs.
Mirabito says the incubator program was created in 1984 to allow several small start-up companies to pool resources and share resources such as clerical support and equipment like office space, fax machines, copiers, etc. to lower costs.
Mirabito's bill would also increase the subsidy amount and lower the match requirement for small businesses participating in the program and eliminate the seed capital requirement for assistance, which can be difficult to secure.
The Lycoming County lawmaker says many Small Business Incubator Program businesses have lasted for decades, creating jobs and helping to spark entrepreneurship in the Commonwealth.