Section 395.7 - General powers and duties of the boardThe board shall:
(1) Adopt such rules, statements of policy, procedures, forms and guidelines as may be necessary for the implementation of this act, including the encouragement of incubators in economically distressed areas such as State or federally designated enterprise zones, municipalities which meet criteria for distress as identified in section 6 of the act of July 2, 1984 (P.L. 520, No. 105) , known as the Business Infrastructure Development Act, and urban renewal areas designated in conformity with the act of May 24, 1945 (P.L. 991, No. 385), known as the Urban Redevelopment Law: Provided, That it is not the intent of this act to limit the establishment of incubators to such economically distressed areas.(2) Make loans and loan guarantees or grants or a combination of loans and grants to local sponsors for incubators and award seed capital challenge grants and, in the sole discretion of the board, provide for the conversion of any liens issued on or after November 1, 1985, into grants or into a combination of grants and loans.(3) Ensure that local sponsors receiving loans or loan guarantees and recipients of challenge grants meet the conditions of this act.(4) Receive and evaluate annual reports from local sponsors. The annual reports shall include, but not be limited to, a financial statement for the incubator, evidence that all tenants in the facility are eligible under the terms of the legislation and a list of companies in the incubator.(5) Receive and evaluate annual reports from recipients of seed capital challenge grants. The reports shall include, but not be limited to, the policies and procedures of the seed capital fund, the amount of private investment in the fund and the number, types and amounts of investment in small firms by the fund.1984, July 2, P.L. 555, No. 111, §7, imd. effective. Amended 1986 , July 9, P.L. 1193, No. 101, § 1, retroactive effective 4/1/1986; 1987 , July 9, P.L. 233, No. 41, § 2, retroactive effective 11/1/1985.