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Liberty Financing Authority Okayed by Senate Economic Development Committee

The Liberty Financing Authority legislation was voted out of the Senate Community, Economic, and Recreational Development Committee this week with amendments.

Senate Bill 1257, sponsored by the committee’s Chair Sen. Jane Earll (R-Erie), consolidates several state funding programs including the Pennsylvania Industrial Development Program, First Industries Loan Program and Machinery & Equipment Loan Fund into one loan program. The amendment, also sponsored by Sen. Earll, enables the Liberty Financing Authority to issue limited obligation revenue bonds and other types of limited obligation revenue financing previously allowed under the sate Industrial Development Authority.

While Earll called the bill “a very well thought out piece of legislation,” Sen. John Blake (D-Lackawanna) remained concerned that small businesses might be pushed out of the running for money by larger companies or larger deals. Earll said that small businesses are vital the state’s economy and should not suffer unintended consequences from this legislation. Click here for a list of programmatic changes in SB 1257.