Harrisburg, PA – Governor Tom Wolf announced today that the state is investing nearly $5.5 million through the Pennsylvania Industrial Development Authority (PIDA) program to help spur statewide development and create and retain 79 jobs.
“These loans are another example of our commitment to assisting small businesses in their efforts to expand their operations which will deliver economic benefits to their communities,” said Governor Wolf. “By investing in these diverse projects, we continue to show other small businesses that they too can take steps to make themselves more profitable and make positive impacts on their neighbors.”
In 2017, PIDA has approved $15.2 million in low-interest loans that have resulted in $25.6 million in private investment and supported 443 created and retained full-time jobs.
Over the last month, PIDA approved a total of $5,453,750 million in low-interest loans for seven projects in Berks, Cumberland, Erie, Lancaster, Montgomery, and Tioga counties that will generate nearly $6 million in private investments.
The following loans were approved during the last month:
The Greater Berks Development Fund was awarded a $1,930,000, 15-year loan at 3 percent for the first seven years to acquire a 22-acre parcel at the intersection of Routes 61 and 73 in Ontelaunee. The parcel will be subdivided and marketed to small, mid-size manufacturing and industrial operations, and commercial users. Total project cost is $2,621,720.
The Cumberland Area Economic Development Corporation was awarded a $227,500, 15-year loan at 4 percent on behalf of Eleven Oaks Farms, LLC, to purchase 98.2 acres to expand the family-owned farming operation which markets Wagyu Beef and Heritage Breeds of hogs. Because of the uniqueness of this product, the USDA has awarded a $250,000 grant to Eleven Oaks Farms for assistance in marketing their products. Total project cost is $455,000.
Enterprise Development Center of Erie County was awarded a $596,250, 15-year loan at 4 percent on behalf of Beaumont Technologies, Inc. to acquire a 40,466-square-foot building on 6.63 acres located at 6100 West Ridge Road in Erie. The company is a global supplier to all industries that manufacture and produce plastic components. The company anticipates retaining 28 full-time jobs and creates 15 full-time jobs within three years. Total project cost is $1,336,925.
EDC Finance Corporation was approved for two loans at the May meeting:
- A $400,000, 15-year loan at 3 percent for the first seven years on behalf of Jeffrey and Debra Landis for the construction of two free range egg laying houses to be located on their 68.5-acre farm in Manheim. Each house will hold approximately 20,700 birds with an estimated production of 742,000 dozen eggs per year. The total project cost is $1,500,000
- A $400,000, 15-year loan at 3 percent for the first seven years on behalf of Brad and Shanna Byers to construct two, 32,400-square-foot broiler houses to be located in Quarryville. Total project cost is $1,150,000.
Montgomery County Development Corporation was awarded a $1.5 million, 10-year loan at 4 percent on behalf of Skyline Emissions, Inc. located at 103 A Park Drive, Montgomeryville, for the purchase of equipment to manufacture emission replacement components for heavy duty diesel vehicles. The company will retain 18 full-time jobs and create 18 additional full-time positions in the next three years. The total project cost is $3 million.
Northern Tier Regional Planning and Development Commission was awarded a $400,000, 15-year loan at 3 percent for the first seven years on behalf of Drew and Lisa Remley to construct a 9,600-head hog guild nursery facility. The new facility will be located at their 27-acre farm in Roaring Branch. Total project cost is $1.3 million.
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 line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Qualified applicants are eligible to select either a reset rate of 4.00 percent for the first seven years or a fixed rate of 2.25 percent for real estate financing, 4.00 percent fixed rate for equipment loans, 4 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through June 30, 2017.