Governor Wolf Announces New Loan Approvals to Support Business Growth Across the Commonwealth
May 08, 2019
Harrisburg, PA – Today, Governor Tom Wolf announced five new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for five businesses in Berks, Cumberland, Lancaster, Somerset, and Wayne counties. The funding will assist companies at different stages, ranging from startup businesses to established companies looking to expand, and will help create and retain nearly 100 jobs across the commonwealth.
“The funding announced today will help these businesses grow or expand by providing capital at low interest rates, which is crucial for small businesses,” said Governor Wolf. “My administration is committed to enhancing our business climate for our economy and for the well-being of families across the state.”
The following loans were approved:
Platinum Cafe & Lounge, Inc., was approved for a $199,500, 15-year loan at a 2.5 percent reset rate through the Greater Berks Development Fund for the purchase of a 4,258-square-foot restaurant building in the City of Reading. The loan will assist in the startup of Platinum Cafe & Lounge, a Latin American restaurant that will operate in the former location of Six-One-O Café.
Weidner Construction Services, LLC, a construction management services company, was approved for a $380,000, 15-year loan at a 3.5 percent rate through the Cumberland Area Economic Development Corporation for the acquisition of a 6,324-square-foot building in Upper Allen Township. The new building will allow all company operations, including corporate offices and a warehouse, to be housed in one location. The project is expected to create and retain 25 jobs over the next three years.
X-Cell Tool and Mold, Inc., a manufacturer of precision tools and plastic molds for the medical, electronics, consumer goods, and telecommunications industries, was approved for a $298,125, 7-year loan at a 3.5 percent rate through the Enterprise Development Center of Erie County for the purchase of new machinery and equipment. The equipment will be used at the company’s newly constructed facility, a 19,000-square-foot expansion to its current headquarters in Fairview Township. The project is expected to create and retain 53 jobs over the next three years.
M Land Develop, LLC, a land development company, was approved for a $2.25 million, 15-year loan at a 2.5 percent reset rate through EDC Finance Corporation for the purchase of a 61.9-acre parcel in Paradise Township. The land will be converted into 20 improved lots that will form a new business park called Vintage Business Park, each ranging from 1.52 acres to 4.1 acres to be sold over a five-year period. The park will fill the needs of the growing Amish/Plain Sect and on-farm businesses in eastern Pennsylvania.
The Highlands Group, LLC, was approved for a $199,000, 15-year loan at a 3.5 percent rate through the Somerset County Economic Development Council for the purchase of a 170-acre recreational facility in Conemaugh Township. The property includes a 21,960-square-foot multisport facility, a 16,360-square-foot clubhouse, and an 18-hole golf course. The multisport facility includes three tennis courts which can be converted for soccer play and a large recreational area. The clubhouse includes a pro-shop, locker rooms, bar area, main dining room, banquet room, and a fully-equipped commercial kitchen.
Ben Rinker Electrical Contracting, Inc., a full-service electrical contractor, was approved for a $200,000, 15-year loan at a 3.5 percent rate through the Northeastern Pennsylvania Alliance for the purchase of a 7-acre property in Salem Township. The new facility will allow operations to be consolidated to one location, which will streamline the business by eliminating travel between three locations they currently occupy. The project is expected to create and retain 15 jobs over the next three years.
In 2019 so far, PIDA has approved $10,339,105 in low-interest loans that have resulted in $20,289,290 in private investment and supported the creation and retention of 226 full-time jobs. This month, PIDA approved a total $3,228,500 in low-interest loans to projects in five counties.