Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 400.2506. Grants

The authority may issue grants to eligible institutions or to nonprofit organizations which are attempting to obtain Federal certification or department accreditation as a community development financial institution. The authority may issue in a manner consistent with section 2505(c)  1 grants for the purpose of developing or enhancing the ability of the community development financial institution or nonprofit organization to be accredited as an eligible institution and to participate in the loan program established by this chapter. The authority may also issue grants or loans from the program to nonprofit organizations which have entered into a written contract with a Pennsylvania-accredited community development financial institution or a nonprofit organization receiving grants from the authority to obtain certification and accreditation. In areas where no community development financial institution exists and no nonprofit organization is working to obtain certification and accreditation as a community development financial institution, the authority may issue grants to a nonprofit organization deemed by the department to be performing activities consistent with the goals of the Community Development Banking and Financial Institutions Act of 1994 (Public Law 103-325, 108 Stat. 2163). The grants shall provide technical assistance, training or other support to small businesses and, where applicable, shall be consistent with the community development financial institution's development plan.