Governor Wolf Announces New Approvals for Low-interest Loans to Support Eight Business Projects in Seven Counties, Supporting Nearly 400 Jobs
April 04, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program, including eight business projects in seven counties across the commonwealth that will help create and retain nearly 400 jobs statewide.
“One of my top priorities as governor is to provide Pennsylvania businesses with the tools they need to grow, and PIDA is one of the most vital programs for that purpose,” Governor Wolf said. “The projects approved today will enable companies to purchase property and equipment, redevelop sites, and most importantly, create jobs for Pennsylvania workers.”
In 2018, PIDA has approved $35.8 million in low-interest loans that have resulted in $53.3 million in private investment and supported 1,978 created and retained full-time jobs. This month, PIDA approved a total of approximately $11 million in fixed, low-interest loans to projects in counties including Berks, Bucks, Erie, Fayette, Lancaster, Monroe, and Westmoreland.
The following business project loans were approved:
Berks61 LLC was approved for a $2,250,000, 15-year loan at a 2 percent fixed rate through the Greater Berks Development Fund to purchase and develop an 18.44-acre brownfield site located in Muhlenberg Township. Infrastructure improvements will include the development and construction of a storm water management system, utility relocation, the construction of a main road through the industrial park site, and the completion of a new turning lane from the Pottstown Pike into the new industrial park.
Lyophilization Technology, Inc., a developer and manufacturer of clinical trial material in the health care field, was approved for a $1 million, 15-year loan at a 2 percent fixed rate through the Bucks County Economic Development Corporation for the acquisition and renovation of a 25,428-square-foot facility in Warwick Township to consolidate the company’s two buildings into one location. The move will enable the company to retain its 24 full-time employees and be able to create 4 full-time jobs within three years.
American Overhead Door & Dock, Inc., which specializes in commercial and industrial garage doors and loading docks, was approved for a $564,000, 15-year loan at a 2 percent fixed rate and a $57,000, 5-year loan at a 2 percent fixed rate through Bucks County Economic Development Corporation for the acquisition and renovation of a 24,000-square-foot facility located in Bristol Township, as well as the acquisition of machinery and equipment for fabrication and repair of commercial overhead door and dock systems. The project is expected to retain 35 employees.
Velocity Network, Inc., an internet service provider including enterprise-level IT solutions, was approved for a $720,200, 5-year loan at a 2 percent fixed rate through the Enterprise Development Center of Erie County, Inc. for the purchase of machinery and equipment associated with creating an operations center in their new facility in the city of Erie. The project includes data center equipment, workstations, a generator, and furniture. The project is expected to retain 53 full-time jobs and create 30 full-time jobs within three years.
C.R.H. Catering Co., Inc., a full-line vending and food service company, was approved for a $200,000, 10-year loan at a 2 percent fixed rate through Southwestern Pennsylvania Corporation for the acquisition of a 50,000-square-foot facility located in Dunbar Township for the company’s sandwich production operation. The project will enable the company to retain 25 full-time jobs.
Maple Run, LLC was approved for a $1,575,000, 15-year loan at a 2.5 percent reset rate through EDC Finance Corporation for the acquisition of a 72,141-square-foot multi-occupancy building in East Hempfield Township. Several tenants have already been identified for the facility, and the remaining available space is currently being marketed as manufacturing and warehouse space.
Terrafina, LLC, a producer of a variety of healthy snacks, was approved for a $1,192,558, 15-year loan at a 2 percent fixed rate and a $682,125, 10-year loan at a 2 percent fixed rate through Pocono Mountains Industries, Inc. for the acquisition and renovation of a 74,087-square-foot building located in East Stroudsburg. The project will enable the company to create 120 new full-time jobs within three years.
Keystone Foam Corporation, a manufacturer of foam products for the bedding, furniture, and packaging industries, was approved for a $1.7 million, 15-year loan at a 2 percent fixed rate and a $300,000, 10-year loan at a 2 percent fixed rate through Economic Growth Connection of Westmoreland for the construction of a 22,500-square-foot addition to the company’s existing building located in Derry Township, as well as the purchase of new machinery and equipment. The equipment being purchased relates to the production of the foam such as cutting machines, a pneumatic press, a carousel splitting machine, and a forklift. The project will enable the company to retain 75 full-time jobs and create 14 full-time jobs within 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.