Governor Wolf: New PIDA Loan Approvals to Support Over 320 Jobs, Businesses Across the Commonwealth
June 05, 2019
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for businesses in eight 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 324 jobs across the commonwealth.
“Entrepreneurs and businesses of all sizes are driving innovation in Pennsylvania,” Governor Wolf said. “That’s why our administration continues making significant investments to grow our business sector, maintain a healthy business climate, and encourage the creation of family sustaining jobs for Pennsylvanians.”
The following loans were approved:
Maztech Realty, Inc., a real estate development entity, was approved for a $375,000, 15-year loan at a 2.5 percent reset rate through the Adams County Economic Development Corporation for the construction of a 4,725-square-foot addition to an existing single tenant facility located in New Oxford. The building is currently leased to Sartorius Stedim North America, Inc. who has occupied the facility since 2014. The project will allow the retention of 71 full-time jobs within three years.
The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC), an economic development organization located in Pittsburgh, was approved for a $2.25 million, 15-year loan at a 3.5 percent rate for the acquisition and renovation of a two-story, 52,386-square-foot vacant building located in Marshall Township. The project includes a new roof, new high efficiency boiler, LED lighting retrofit, and parking resurfacing to enhance the overall quality of the building. The property has the capacity and layout to accommodate up to four tenants.
PGT Trucking, Inc, a flatbed transportation company, was approved for a $400,000, 5-year loan at a 3.5 percent rate through the Beaver County Corporation for Economic Development for the purchase of equipment to update aging information technology infrastructure at their Hopewell Township location. The project equipment includes new servers, desktop computers, laptop computers, and software essential to PGT’s growth. The company is expected to create 25 full-time jobs and retain 140 existing jobs.
Ritchey’s Dairy, Inc, was approved for a $762,550, 10-year loan at a 2.5 percent reset rate through the Altoona-Blair County Development Corporation for the expansion of its existing dairy production facility located in Martinsburg Borough. The 7,663-square-foot expansion will increase dry and cold storage, as well as, allow the expansion of the dairy processing and packaging operation. The project will allow the company to retain 34 full-time jobs within three years.
Inspired Learning Academy, LLC, a daycare center, was approved for a $346,000, 15-year loan at a 2.5 percent reset rate through the Capital Region Economic Development Corporation for the acquisition and renovation of a 4,680-square-foot vacant building, that will become the location of the new Inspired Learning Academy in Lower Paxton Township. Renovations include interior design and layout changes, new paint and flooring, plumbing, electrical and HVAC upgrades. The project is expected to create seven full-time jobs within three years.
Sites Bros Holdings, LLC, a real estate development entity, was approved for a $400,000, 15-year loan at a 3.5 percent rate through the Enterprise Development Center of Erie County for the acquisition of a 12,850-square-foot single tenant building located in the City of Erie. The building is currently occupied by XPO Logistics Freight, Inc, one of the world’s largest providers of transportation and logistics services. The project will allow the company to retain 30 jobs over the next three years.
K-Prep Learning Center, LLC, a child care center that offers education services for children ages six weeks to five years, was approved for a $247,500, 15-year loan at a 2.5 percent reset rate through the EDC Finance Corporation for the acquisition of a 4,194-square-foot building located in West Hempfield Township. The project will allow the company to retain nine full-time jobs within three years.
Geary Veterinary Services Mt. Pleasant, LLC, a veterinary practice specializing in both large and small animal breeds, was approved for a $200,000, 15-year loan at a 3.5 percent rate through the Southwestern Pennsylvania Corporation for the acquisition of a 7,020-square-foot, two-story, brick, medical office building located in East Huntingdon Township. The new building will allow the veterinary practice to expand its operations and make more commercial space available for lease. The project will allow the company to retain eight full-time jobs within three years.
In 2019 so far, PIDA has approved $15,415,730 in low-interest loans that have resulted in $30,059,290 in private investment and supported the creation and retention of 319 full-time jobs. This month, PIDA approved a total $4,981,050 in low-interest loans to projects in eight counties.