2305 - Department responsibilities. - Pennsylvania Statutes

§ 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.