Senator Yudichak: Senate Approves Loan Program for Veteran-Owned Businesses

HARRISBURG, November 10, 2021 –  Legislation sponsored by State Senator John Yudichak (I-Luzerne/Carbon) that would create a $5 million guaranteed loan program for veteran-owned businesses passed the Senate by a unanimous vote today.

Senate Bill 830 establishes the Veteran-owned Business Loan Guarantee Program within the Commonwealth Financing Authority (CFA). As part of Senate Bill 830, guarantees of up to $250,000 shall be provided to commercial lending institutions that make loans to veteran-owned businesses.

“Pennsylvania’s veterans have earned the right to be treated fairly and to have every opportunity to rebuild their civilian lives, and in the process, contribute to the communities they live in by helping to rebuild Pennsylvania’s economy,” said Senator Yudichak. “Under Senate Bill 830, veterans will have access to the necessary capital to restart their careers and build stronger, more prosperous businesses that will improve their lives and the lives of all Pennsylvanians.”

The legislation recently received a unanimous vote from the Senate Community, Economic & Recreational Development Committee, which is chaired by Yudichak, as well as favorable consideration by the Senate Appropriations Committee.

According to the U.S. Census Bureau, veteran-owned businesses make up about 5.9 percent of all businesses in the United States, with an estimated $947 billion in receipts, approximately 3.9 million employees, and about $177.7 billion in annual payroll.

The measure will now go to the House of Representatives.

MEDIA CONTACTS

Carly Simpson – csimpson@pasen.gov

Brad Hurley – bhurley@pasen.gov