§ 3010. Limitations.
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/pa/title-12/chapter-30/3010A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3010. Limitations.
A loan may not be recommended or approved if the proceeds of the loan could do any of the following:
(1)Cause, aid or assist directly in the relocation of any business operations from one part of this Commonwealth to another unless there is at least a 25% net increase in employment.
(2)Refinance any portion of the total cost of an industrial development project, industrial park or multiple-tenancy building project or other existing loans or debt.
(3)Finance an industrial development project, industrial park or multiple-tenancy building project located outside the geographic boundaries of this Commonwealth.
(4)Provide funds, directly or indirectly, for payment distribution or as loan owners, partners or shareholders of a small business, except as ordinary compensation for services rendered.
(5)Provide funds for speculation in real or personal property, whether tangible or intangible.
12c3011s