Governor Wolf Announces New Approvals for Low-interest Loans to Support Seven Small Business Projects
August 07, 2017
Harrisburg, PA – Governor Tom Wolf announced this month’s new low-interest loan approvals made through the Pennsylvania Industrial Development Authority (PIDA) program for seven projects throughout the commonwealth.
“The loans approved this month demonstrate my administration’s continued support for business development down to its very roots in our communities,” said Governor Wolf. “From agricultural production and manufacturing to education to tourism, it is of the utmost importance that we invest in a strong business climate to benefit all Pennsylvanians in every part of the commonwealth.”
Thus far in 2017, PIDA has approved more than $29 million in low-interest loans that have resulted in more than $143 million in private investment and supported 1,411 new and retained full-time jobs.
Over the past month, PIDA approved a total of more than $2 million in fixed, low-interest loans to seven projects in Bucks, Cumberland, Franklin, Lancaster, and Perry counties that will generate more than $5.5 million in matching capital investment.
The following loans were approved during the past month:
Jean Madeline Education Center of Cosmetology was approved for a $199,000, seven-year loan at a 2 percent fixed rate through Bucks County Economic Development Corporation to assist with improvements and equipment necessary to open an education center at Neshaminy Mall in Bensalem Township. The school has had more than 5,000 students and has committed to retaining its eight full-time employees.
Gray Water Ops Properties LLC and Gray Water Ops LLC were approved for a $100,000, 15-year loan at a 2 percent fixed rate through Capital Region Economic Development Corporation to assist with the acquisition of an 11,167-square-foot building at 1515 Kathryn St., New Cumberland. Gray Water Ops LLC is a manufacturer specializing in products for military units. The new site will enable the firm to double its space for its rapidly expanding business. The company has committed to retaining its three full-time employees.
Derwood L. and Wendy L. Martin were approved for a $400,000, 15-year loan at a 2 percent fixed rate through Franklin County Area Development Corporation to assist with the purchase of 146 acres along Orrstown Road in Southampton Township. With the purchase of this land, the Martins will be able to house additional livestock and have significant acreage to grow feed crops.
Scott A. and Linda A. Wagner were approved for a $400,000, 15-year loan at a 2 percent fixed rate through EDC Finance Corp. to assist with the development of turkey farm infrastructure in Quarryville. The improvements will occupy approximately 12 acres of the farm and have a capacity of up to 38,600 birds.
John D. and Miriam S. Hoover were approved for a $400,000, 15-year loan at a fixed rate of 2 percent through EDC Finance Corp. to assist in the construction of two turkey barns on a 60-acre farm in Brecknock Township. The Hoovers plan to raise turkeys at the new facilities, which will hold up to 10,500 birds.
Zoetropolis LLC was approved for a $187,500 loan at a 2 percent fixed rate for seven years through EDC Finance Corp. to assist with the acquisition of machinery and equipment to be located at 112 N. Water St., Lancaster. Zoetropolis operates a cinema center, which it now plans to move to a larger facility and expand into a full-service restaurant and cinema center.
The Sauder family was approved for a $400,000, 15-year loan at a fixed rate of 2 percent through SEDA-Council of Governments to assist in the expansion of the Saudercrest Farms dairy operation at 565 and 1297 Tuscarora Path, Ickesburg. Saudercrest Farms plans to purchase a neighboring 292-acre farm to grow crops and construct a new, 35,112-square-foot milking barn on their current property.
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.
PIDA continues to offer eligible qualified applicants a fixed interest rate of 2 percent for real estate financing, equipment loans, and 12-month periods for working capital and accounts receivable lines of credit for a limited time.