Lt. Gov. Austin Davis, DCED Secretary Rick Siger Highlight New Investments in State Budget for Historically Disadvantaged Businesses
August 21, 2023
STEELTON – Today Lt. Gov. Austin Davis and Department of Community and Economic Development (DCED) Secretary Rick Siger highlighted new state funding in the recently signed budget to support the Historically Disadvantaged Business Program. The lieutenant governor visited Candle Kreationz, a woman-owned business in Steelton that opened earlier this year, to highlight these historic state investments.
“Small businesses, like beauty salons and barber shops, create community and commerce – not just jobs, but ladders of opportunity,” said Lt. Gov. Davis. “Unfortunately, small businesses that are owned by Black and brown folks or women sometimes struggle with access to capital. Minority-owned businesses are three times more likely to be denied a loan and pay a higher interest rate. Still, communities like Steelton and my hometown of McKeesport are resilient. Black and brown communities have continued to show support for local businesses, like Candle Kreationz, despite a historical lack of support and investment from the government. That changes under the Shapiro-Davis administration. We will never leave any community behind.”
The 2023-24 bipartisan, common-sense budget spurs job creation, fosters innovation and provides the funding to make Pennsylvania more competitive on a national scale. It includes a $20 million investment to fund the Historically Disadvantaged Business Program to invest in small minority-, women- and veteran-owned businesses in the Commonwealth and provide significant support.
“The Shapiro-Davis Administration is committed to making Pennsylvania a place where everyone has the same opportunities for success,” said DCED Secretary Siger. “This $20 million investment in the Historically Disadvantaged Business Program is a crucial step forward to ensure the Commonwealth does everything it can to support minority-owned, women-owned, and veteran-owned businesses. It’s good for our economy and is the right thing to do.”