Governor Wolf: New Low-Interest Loans Awarded to Growing Beaver, Blair, Bucks and Chester County Businesses
October 06, 2021
Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to four businesses, located in Beaver, Blair, Bucks, and Chester counties, to help expand operations, better serve their consumers, and create and retain jobs.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania that are taking the next critical steps to advance capabilities and ensure they can continue to reliably serve consumers,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”
In 2021, PIDA has approved $38,577,782 in low-interest loans that have resulted in $91,045,930 in private investment and supported 1,592 created and retained full-time jobs.
The approved projects are as follows:
Pauana Holdings, LLC, through the Beaver County Corporation for Economic Development, was approved for a 15-year, $1,240,000 million loan at a 2.5 percent fixed rate to acquire a 40,200 sq. ft. multi-tenancy building located in Hopewell Township, Beaver County. The multi-tenant building consists primarily of flex industrial space. Building features include approximately 40% finished area of office/assembly space), seven dock-high overhead doors, one drive-in door with ramp, and concrete aprons at each door. The total project cost is $3,200,000 and is expected to create at least 25 new, full-time jobs within three years.
MacInnis Group, LLC, through the Altoona-Blair County Development Corporation, was approved for a 15-year, $700,000 loan at a 1.5 percent reset rate to acquire 55 acres of unimproved land (two parcels) located in Greenfield Township, Blair County. The land will be used by Pennstress immediately as a lay-down yard for bigger concrete structures manufactured at their nearby facility. The total project cost is $1,400,000.
701 Canal St LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $627,600 loan at a 2.5 percent fixed rate to purchase a 41,792 sq. ft. multi-tenant facility located in Bristol Borough, Bucks County. The building is divided into eleven units with each tenant space varying from 650 sq. ft. to 5,034 sq. ft. Currently, there are nine tenants occupying the facility with eight using their space for light manufacturing, warehousing, and distribution. The total project cost is $1,600,000.
J.D. Eckman, Inc., through the Chester County Economic Development Council, was approved for a 10-year, $910,000 loan at a 2.5 percent fixed rate to expand J.D. Eckman’s existing corporate headquarters located in West Sadsbury Township, Chester County. The property consists of an existing 27,000 sq. ft., three-story, owner-occupied office building. The PIDA project will allow for the addition of a 29,400 sq. ft. one-story high-bay flex space. The new space will include three standard bay doors and five high bay doors and will be used primarily as a warehouse and repair shop for the company’s vehicles and equipment. The total project cost is $4,050,000.