Governor Wolf Announces New Loan Approvals for Six Projects in Five Counties, Supporting Nearly 100 Small Business Jobs Statewide
June 06, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for six business projects in five counties across the commonwealth that will help create and retain nearly 100 jobs statewide. The loan funding will assist businesses with costs ranging from expanding pediatric services, to adding production lines and building renovations.
“With the approval of these low-interest loans, we’re providing critical access to capital that businesses need to grow,” Governor Wolf said. “Spanning several industry sectors – including health care, manufacturing and design, and cold storage – these six projects will spur job creation and boost the economies where the projects are located while ensuring that we’re meeting the needs of businesses across the commonwealth.”
In 2018, PIDA has approved $57 million in low-interest loans that have resulted in $78.7 million in private investment and supported 3,157 created and retained full-time jobs. This month, PIDA approved a total of just over $3.29 million in fixed, low-interest loans to projects in Beaver, Bedford, Cumberland, Dauphin, and Somerset counties.
The following loans were approved:
Creekside Springs, LLC, a producer of bottled water and a contract packager of beverages, was approved for a $400,000, 10-year loan at a 3.5 percent rate through the Beaver County Corporation for Economic Development for the purchase of machinery and equipment to be installed in the company’s New Brighton bottling facility. The project involves upgrades to the existing bottling line and the installation of an additional production line, and is expected to create seven full-time jobs and retain a further 22 jobs over the next three years.
The Bedford County Development Association was approved for a $250,000, 15-year loan at a 2.5 percent interest rate with a 7-year reset to build out a 4,068-square-foot suite for Children’s Community Pediatrics. The facility will expand pediatric services offered from a nearby hospital facility and is expected to create seven full-time jobs within three years.
Parath, LLC, was approved for a $1.25 million, 15-year loan at a 2.5 percent interest rate with a seven-year reset through the Capital Region Economic Development Corporation to renovate a 69,273 square foot flexible warehouse building to house three tenants including Supply Source Inc., an office and social space furnishings solutions company.
Camerek Holdings, LLC was approved for a $359,900, 15-year loan at a 3.75 percent interest rate through Capital Region Economic Development Corporation to acquire a 10,929 square foot building in Harrisburg. The property will be occupied by Solution Designers, LLC, a company specializing in custom designing and manufacturing garage, food, laundry, and bedroom closet storage units, enabling it to complete production for sales already made and keep up with growing market demand. The project is expected to create eight and retain two full-time jobs in the next three years.
Vich Development, LLC, was approved for a $640,766, 10-year loan with 20-year amortization at a 3.75 percent interest rate through Capital Regional Economic Development Corporation to acquire a 25,000 square foot cold storage facility in Harrisburg. The facility will be occupied by e-tailer, Inc., a company specializing in cold storage and fulfillment of products like ice cream. The project is expected to create 25 new full-time jobs within three years.
Precision Pallets and Lumber, LLC was approved for a $400,000, 15-year real estate loan at a 2.5 percent seven-year reset rate and a $240,000, seven-year machinery and equipment loan at a 3.5 percent rate through the Southern Alleghenies Planning & Development Commission. The loan funds will be used for the purchase of Precision Pallets & Lumber, Inc., a manufacturer and distributor of wooden pallets, including the acquisition of real estate and production equipment including nailers, saws, branders, and a kiln. The project is expected to create seven full-time jobs and retain 12 jobs over the next three years.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.