First Organizations Receive Funds Through Treasury’s Budget Bridge Loan Program
Program provides short-term loans to organizations providing vital services to Pennsylvanians
Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity today announced that funds have been released today to the first three organizations approved for funding through the Budget Bridge Loan Program which was initiated a few weeks ago to help organizations providing critical services to vulnerable Pennsylvanians during the ongoing budget stalemate.
“The program has received positive feedback, and Treasury continues to work with applicants to assist with the application and once approved, transfer of funds in a timely way to make sure services aren’t interrupted for our most vulnerable Pennsylvanians.”
Pennsylvania State Treasurer Stacy Garrity
The first three organizations to receive funds include Bradford-Tioga Head Start, Child Advocates of Blair County and the Pennsylvania Coalition to Advance Respect, which funds 47 rape crisis centers that service all 67 counties. The combined total for all three groups is approximately $3.9 million.
Also, more than $9 million has been conditionally approved, which will benefit five additional Head Start local agencies and 15 Pre-K Counts providers. Funds will be released upon the execution of lending agreements and receipt of all requested information from the organizations.
In addition to the three organizations receiving funds today, and the 20 that are conditionally approved, Treasury is still receiving applications and anticipates additional approvals.
“Providing this funding is a lifeline and in the purview of Treasury’s investment authority.”
Pennsylvania State Treasurer Stacy Garrity
The $500 million short-term funding program was announced on Sept. 24, with expansion of eligibility announced the following week. Head Start local agencies, Pre-K Counts providers, county governments, and organizations that provide rape prevention and response services and domestic violence prevention and support for survivors can apply for the Budget Bridge Loan Program.
Budget Bridge Loans must be used for immediate operating expenses and paid back within ten business days of receipt of state funds.
“It’s required by state law that these loans have an interest rate. I’m thankful for the Senate for passing legislation that would allow the forgiveness of this interest, and I hope the House will also pass this measure to best serve our most vulnerable populations who shouldn’t feel the impacts of the unresolved state budget.”
Pennsylvania State Treasurer Stacy Garrity
