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Department responsibilities - 12 Pa. Cons. Stat. § 2305

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     § 2305.  Department responsibilities.
        (a)  General rule.--The department shall do all of the
     following:
            (1)  Administer the program.
            (2)  Establish written guidelines as necessary. Any
        guidelines established shall be included in the report
        required by Chapter 3 (relating to economic development
        financing strategy).
            (3)  Deposit payments made by recipients in the fund or
        the Pollution Prevention Assistance Account, as appropriate.
            (4)  Approve standards for area loan organization
        application fees.
            (5)  Approve community development financial
        institutions.
        (b)  Program.--In administering the program, the department
     may do any of the following:
            (1)  Provide grants or other financial assistance to area
        loan organizations for any of the following purposes:
                (i)  To establish loan reserve funds.
                (ii)  To reimburse loan losses to commercial banks
            and other financial institutions as a means of
            encouraging the expansion and financing of small
            businesses.
            (2)  Apply to the Ex-Im Bank for delegated authority
        lender status under the Ex-Im Bank's Working Capital Guaranty
        Program.
            (3)  Utilize the outstanding portfolio of loans made
        under this chapter to raise additional funds by selling,
        securing, hypothecating or otherwise using such loan proceeds
        as a financing vehicle if the funds raised are used by the
        department for either of the following purposes:
                (i)  To make new and additional loans under this
            chapter.
                (ii)  To pay costs associated with financing.

Last modified: November 27, 2007