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Governor Tom Wolf announced the approval of eight new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in six Pennsylvania counties that will help create and retain 233 jobs.
“Supporting the growth of our businesses and providing them with the assistance they need to thrive in the Commonwealth is critical,” said Gov. Wolf. “The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies of their local communities.”
In the year By 2022, PIDA approved 27,600,519 low-interest loans, generated $58,677,680 in private investment and created and retained 767 full-time jobs. Since 2015, PIDA has approved $389,478,796 in low-interest loans, which has resulted in $786,658,849 in private investment and created and retained 15,532 full-time jobs.
Following are the approved projects.
Bucks County
Btec Solutions, Inc., has been approved by the Bucks County Economic Development Corporation for a 15-year $2,250,000 loan at a 2.5 percent reset interest rate to purchase the 161,000-square-foot building on 5.88 acres in an enterprise zone. 913 Cedar Avenue, Croydon, Bristol Township, Bucks County. Btec Solutions, a longtime occupant of the building, currently leases 45 percent of the facility.
The project involves the procurement and installation of machinery and equipment to be fitted and used in the manufacturing process of Btec Solutions. Btec Solutions has been approved for a 10-year $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a fixed interest rate of 3.5 percent. The total project cost is $13,363,268 and the company has committed to maintaining 86 full-time jobs over three years.
Carbon County
Jim Thorpe Site LLC has been approved by the Carbon Chamber and Economic Development Corporation for a 15-year $1,764,000 loan at a 2.5 percent reset interest rate to acquire and renovate an 8,400-square-foot medical facility located at 1122 North Street Jim. Thorpe, Jim Thorpe Borough, Carbon County. The facility will be leased to St. Luke’s Health Network Inc. The total project cost is $3,528,000, and the company has pledged to create 35 new full-time jobs and retain eight positions over a three-year period.
Erie County
Through the Northwest Pennsylvania Regional Planning and Development Commission, Recycled Equipment International LLC was approved for a 15-year $199,999 loan at a 2.5 percent reset interest rate for improvements and renovations to their manufacturing facility at 2962 Mechanic Street in Lake City Borough, Erie County. The total project cost is $400,000 and the company is committed to creating three new full-time jobs and retaining nine positions over a three-year period.
Philadelphia County
Mulherins EM LLC has been approved by the Philadelphia Industrial Development Corporation (PIDC) Financing Corporation for a 7-year $200,000 loan for the purchase of machinery and equipment to be used in a new restaurant location at 1100 Market Street in Philadelphia. The total cost of the project is $400,000 and the company plans to create 50 full-time jobs through this project.
Snyder County
Penn Dairy, LLC, has been approved for a 15-year $400,000 loan at a 2.5 percent reset interest rate through the CEDA Council of Governments in Lewisburg, PA to build an additional 9,260 square feet. Food manufacturing facility at 7199 County Line Road in Jackson Township, Snyder County. The total project cost is $880,000, and the company promises to create six new full-time jobs over three years and retain 28 positions.
Westmoreland County
Weaver Development Inc., a Westmoreland economic development affiliate, has been approved for a 10-year $1,180,000 loan with a 20-year amortization at a 2.5 percent reset interest rate to acquire 3.8-acres and build two 15,000-square-foot industrial flex. Buildings in Bushy Run Corporate Park, located at 1000 Pontiac Court, Penn Township, Westmoreland County. The total cost of the project is $2,950,000.
The Westmoreland County Industrial Development Corporation approved a 15-year $2,250,000 loan at a 3.5 percent fixed interest rate through the Westmoreland Economic Development Corporation to develop a 78.8-acre parcel of three acres ready for future construction. 15-30 acre pad-ready “pad ready” lots located at State Route 3193 Mount Pleasant, East Huntingdon Township, Westmoreland County. The total cost of the project is $6,315,500. For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development programs and initiatives, visit the DCED website.
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