Governor Wolf: New Low-Interest Loan Awarded to Support Business Expansion, Job Creation in Luzerne County
March 02, 2022
Governor Tom Wolf announced the approval of a new low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to support the growth of PowerRail Distribution Inc. in Luzerne County.
“It’s important to make investments in homegrown businesses, and PIDA loans help do just that,” said Gov. Wolf. “We are proud to support companies, like PowerRail, as they grow their operations here in Pennsylvania, hire new employees, and provide a boost to their local economies.”
To date in 2022, PIDA has approved $2,675,000 in low-interest loans that have resulted in $8,212,748 in private investment and supported 77 created and retained full-time jobs. Since January 2015, PIDA has approved $355,608,277 in low interest loans that have resulted in $720,023,169 in private investment and supported 14,573 created and retained full-time jobs.
PowerRail, through the NEPA Alliance, was approved for a $1.75 million loan at a 1.5 percent reset interest rate to assist in the acquisition of a 197,567-square-foot industrial building. The facility, located on two parcels consisting of 9.14 acres of land, is located at 150-182 Susquehanna Avenue in Exeter Borough.
The total project cost for the new facility is $3.5 million. The remaining $1.75 million will be provided through a loan from FCCB Bank. PowerRail has committed to retain 76 full-time jobs and to create 35 full-time jobs within three years.
The company’s Governor’s Action Team project, which included this PIDA loan, was announced by the Department of Community and Economic Development earlier today.
For more information about PIDA and other economic development programs, visit DCED’s website.