SB 756 aims to continue the ability of farm credit institutions to participate in the First Industries Program, and enable the Commonwealth Financing Authority to continue providing guarantees of 51% to 90% of the loan principal to finance an agricultural project. Additionally, it continues a provision reducing the private investment minimum to $500,000.00. These provisions were amended into Title 64 in 2007, and in 2011 legislation extended farm credit institutions participation in the program with an expiration date of July 15, 2015. Effectively, this legislation will extend the farm credit institutions' participation beyond the July 15, 2015 sunset date and there would be no pending sunset dates in the future.
PEDA has received member input from many areas of the state where the program has been utilized to the benefit of the agribusiness community. Please contact your legislator today to voice your support for this bill which will be considered by the House tomorrow.