Governor Wolf Announces New Loan Approvals, Supporting Small Business Expansion and 125 Manufacturing Jobs
July 11, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for two business projects in Westmoreland County that will help create and retain approximately 125 jobs statewide. The loan funding will assist businesses with the costs of expanding into larger, more capable facilities that will help them meet customer demand.
“My administration is committed to doing everything we can to help businesses of all sizes, but especially small businesses, grow and expand,” Governor Wolf said. “These projects will help Westmoreland County’s manufacturing and supplier sectors, create new jobs for Pennsylvania workers, and help grow the economy.”
In 2018, PIDA has approved $61.3 million in low-interest loans that have resulted in $83 million in private investment and supported 3,247 created and retained full-time jobs. This month, PIDA approved a total of just over $3 million in fixed, low-interest loans to projects in Westmoreland County.
The following two loans were approved:
Astley Precision Machine Company, Inc., a producer of precision machined components for the medical, scientific, and defense industries, was approved for a $1,046,000, 10-year loan with 20-year amortization at a 2.5 percent rate with a 5-year reset through Economic Growth Connection of Westmoreland.
The project includes the acquisition and renovation of a 51,000-square-foot building in Irwin. Astley Precision Machine Company has outgrown its current 17,000-square-foot building located two miles away from the new site, and requires a larger facility to meet the increasing demands of customers. Funding will be used for the building acquisition and site renovations. The company will also lease 15,000 square feet of the site to Emsco Distributors Co., a swimming pool and accessories manufacturer. The project is expected to retain 34 full time jobs and create 11 new, full-time jobs within three years.
Zilka & Company, LLC, a family-owned bakery supplier, was approved for a $2 million, 10-year loan with 20-year amortization at a 2.75 percent rate with a 5-year reset through Economic Growth Connection of Westmoreland.
Funding will be used for the construction of a 62,000-square-foot facility located in Hempfield Township. As the company’s customer base has expanded to include manufacturing facilities and supermarkets, the new facility will enable the company to better meet customer demand. It will house administration, processing, and distribution divisions of the company as well as 20,000 square feet of freezer space, and will offer easy access to the Pennsylvanian Turnpike, which is a major transportation route for the company. The project is expected to create 12 new jobs and retain 68 jobs in 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.