Gov. Wolf Announces $1 Million For Economic Development Projects in 3 Counties
December 04, 2019
Governor Tom Wolf announced three new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) to support the expansion of a manufacturer, renovations of a multi-tenant property, and creation of a daycare facility for 150 local families. This year, PIDA approved $51,282,328 in low-interest loans that have resulted in $101,521,536 in private investment and supported 1,951 created and retained full-time jobs.
“This funding will have a real, tangible effect on Pennsylvania’s communities — providing them with services, jobs, and revenue,” said Gov. Wolf. “The more than $51 million in critical capital funding granted this year will directly benefit businesses, employees, and job-seekers, stimulating the local economy and filling critical service gaps.”
The following loans were approved:
JaMaCavey, LLC, was approved for a $274,998, 15-year PIDA loan at a 2.75 percent fixed rate to purchase a vacant building that will be renovated into a new daycare facility. The Caterpillar Clubhouse will provide full and part-time child care, before and after school care, and summer camp educational programs. The center will serve children ages six weeks to 12 years. The project involves the acquisition of a vacant 7,708 square-foot commercial building — formerly the Metz Hardware Store — and an attached 4,021 square-foot residential unit, located in Fairfield Borough. Through this project, the Caterpillar Clubhouse expects to serve up to 150 local families and create 15 full-time jobs in the next three years.
Mannion Fabrication, LLC, was approved for an $81,000, 10-year PIDA loan at a 2.75 percent fixed interest rate to purchase machinery and equipment for the company’s manufacturing facility in West Goshen Township. Mannion Fabrication specializes in metal welding, fabrication, and powder coating for the residential, industrial, commercial, and race and tuning industries. The company will occupy a larger building formerly used by Brooks Powder Coating. The total project cost is $162,000. This project will support four full-time jobs.
Real estate developer Pan-X Services, LLC, through the Bucks County Economic Development Corporation, was approved for a $668,000, 15-year PIDA loan at a 2.75 percent fixed interest rate to acquire and renovate a 21,870 square-foot multi-tenancy building in Montgomery Township, Montgomery County. Renovations to the property will include installing a sprinkler system to bring the property up to code, electrical and HVAC upgrades, and new LED lighting throughout the warehouse space. The total project cost is $1,670,000.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between 1.75 and 2.75 percent for applications received by December 31, 2019.