§ 81.136. Working capital loans.
An applicant may apply for a short-term working capital loan if the loan is directly related to an identified Commonwealth contract with a Commonwealth agency or contractor on which the applicant is qualified to bid and intends to bid. The loans may be in an amount of up to 50% of the value of the contract, not to exceed $50,000, and shall be repaid over not less than 6 months but not more than 2 years. Approval of applications for short-term working capital loans shall be conditioned upon the award of the Commonwealth contract, and loan proceeds shall be used only to defray costs related to purchasing materials and supplies, renting equipment, paying employes and meeting other operational expenses directly related to specified Commonwealth agency contracts.
Authority The provisions of this § 81.136 issued under section 9 of the Pennsylvania Minority Business Development Authority Act (73 P.S. § 390.9).
Source The provisions of this § 81.136 adopted February 6, 1987, effective February 7, 1987, 17 Pa.B. 634.
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