Pennsylvania funds MBE, WBE, VetBiz Business Program

PA News - Published Aug 29, 2023

The Pennsylvania General Assembly has passed a budget bill (HB 611) for fiscal year 2023-2024. The budget includes, for the first time, $20 million in funding for the the new Historically Disadvantaged Business Program, which will focus on assisting small minority-, women-, and veteran-owned businesses across the commonwealth.

The program is expected to invest that $20 million in such businesses themselves, in the form of loans and other means of support. As noted by the Office of Governor Josh Shapiro in a press release, such disadvantaged businesses are currently hindered by being three times more likely to be denied loans than non-minority-owned firms, and frequently pay higher interest rates on lower total amounts when they do secure funding.

"We'll provide long-overdue funding for women and minority-owned businesses across this Commonwealth, to support their growth and open new doors of opportunity," said Governor Shapiro in a statement, regarding the new Program.

Read the press release from the Governor's Office at https://www.governor.pa.gov/newsroom/shapiro-davis-administration-secures-critical-investments-in-historically-disadvantaged-businesses-through-bipartisan-budget/.

Read the press release from the Pennsylvania Department of Community and Economic Development at https://dced.pa.gov/newsroom/pennsylvania-house-passes-bipartisan-budget-that-delivers-on-governor-shapiros-key-priorities-makes-historic-commonsense-investments-to-create-a-stronger-economy-safer-and-healthier-commun/.