Governor Wolf Announces New Small Business Loan Approvals for Eight Projects in Six Counties, Supporting Nearly 700 Jobs
May 02, 2018
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for eight business projects in six counties across the commonwealth that will help create and retain nearly 700 jobs statewide.
“These projects approved today will help create and retain Pennsylvania jobs, and stand as great examples of how providing access to capital helps businesses of all sizes, but especially small businesses, grow and thrive,” Governor Wolf said. “My administration is committed to cultivating a robust business climate here in Pennsylvania so small businesses can achieve success.”
In 2018, PIDA has approved $46.6 million in low-interest loans that have resulted in $64.5 million in private investment and supported 2,358 created and retained full-time jobs. This month, PIDA approved a total of just over $8.5 million in fixed, low-interest loans to projects in Bedford, Berks, Bucks, Centre, Crawford, and Lancaster counties.
The following loans were approved:
Captive-Aire Systems, Inc., a manufacturer of commercial kitchen ventilation equipment, was approved for a $2 million, 15-year loan at a 2.5 percent rate with a rate reset after seven years and a $1,395,000, 10-year machinery and equipment loan at a 3.5 percent fixed rate through Bedford County Development Association for an 84,000-square-foot expansion to its manufacturing facility in Bedford. The project includes the building expansion and the purchase of new equipment and is expected to retain 133 full-time jobs and create 12 full-time jobs in the next three years.
B&G Glass Service, Inc., a fabricator of glass products in the commercial, residential, and specialty glass industry, was approved for a $1 million, 15-year loan at a 2.5 percent rate with a rate reset after seven years through the Greater Berks Development Fund for the acquisition of a 29,964-square-foot building located in Leesport. The company currently operates in two smaller buildings in the city of Reading and will transfer all operations and employees into the new, larger facility. The project is expected to retain 36 full-time jobs over the next three years.
Empire Group of Reading, PA, Inc., a provider of demolition, transportation, contracting, and environmental remediation services with a specialty in the demolition of complicated structures, was approved for a $450,000, 15-year loan at a 2.5 percent rate with rate reset after seven years through the Greater Berks Development Fund for the acquisition and renovation of a 13,725-square-foot building located in Reading. The acquisition of the building will enable Empire Group to expand operations in its six subsidiaries already located in the same campus as the new facility. The project is expected to retain 138 full-time jobs over the next three years.
Home Healthworks Inc., a provider of respiratory equipment, patient room aids, bathroom safety aids, and other medical equipment, was approved for a $386,000, 15-year loan at a 3.5 percent fixed rate through the Bucks County Economic Development Corporation for the acquisition of two condominium units totaling 10,145 square feet located in Levittown. The units will be used predominately for warehousing and staging of equipment prior to it being delivered to patients, as well as for the restoration of used equipment. The project is expected to retain 25 full-time jobs in the next three years.
Moshannon Valley Economic Development Partnership, Inc. was approved for a $77,500, 15-year loan at a 2.5 percent reset rate for the renovation of a 13,000-square-foot section of the Moshannon Valley Enterprise Center. The Enterprise Center provides low cost building space to entrepreneurs and existing businesses, and the project will include repairs to the floor and roof of the building and address a crack in the sewer line.
Acutec Precision Aerospace, Inc., an aerospace component and subassembly supplier, was approved for a $2,248,800, 15-year loan at a 3.5 percent fixed rate through Economic Progress Alliance of Crawford County for the renovation of 70,000 square feet of vacant space for manufacturing purposes and the construction of 13,000 square feet of warehouse space to accommodate Acutec’s continued growth. The project is located in various buildings in the Crawford Business Park of Vernon Township and will free up critical space for the company to grow its advanced manufacturing production. It is expected to retain 307 full-time jobs and create a further 60 full-time jobs within the next three years.
Flex-Cell Precision, Inc., a full-service CNC milling shop for military and commercial electronics enclosures, was approved for a $584,000, 10-year loan at a 3.5 percent fixed rate through EDC Finance Corporation for the purchase of advanced machinery and equipment that will lead to increased capacity and efficiency at the company’s facility in downtown Lancaster. The project is expected to retain 30 full-time jobs in the next three years.
Weaver Industries, Inc, a family-owned and operated CNC service provider specializing in graphite and urethane products, was approved for a $400,000, 10-year loan at a 3.5 percent fixed rate for the purchase of graphite machining equipment. The project is expected to retain 58 full-time 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.