New Capital Funding Supports Job Creation, Business Expansion in Five PA Counties
September 04, 2019
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for six businesses in five counties. The loans will enable the purchase, construction, and renovation of facilities and equipment. The funding will help create and retain 184 jobs across the commonwealth.
“Pennsylvania has a strong, diverse network of businesses in critical sectors that drive our economy, like agri-processing and manufacturing, and the companies we’re investing in today represent the future of business in the commonwealth,” Governor Wolf said. “As we continue to make targeted, strategic investments in growing businesses, we are helping to ensure that our state’s workers, job creators, and local economies thrive.”
The following loans were approved:
Plum Creek Farm, LLC, an agri-processor, was approved for a $1 million, 15-year real estate loan at a 2 percent reset rate through the Greater Berks Development Fund for the construction of a new 12,000 sq. ft. building, providing expanded space for the production of ice cream, smoked meats and other prepared foods as well as an expanded market area for the sale of their goods and other local produce. The project will also allow the company to operate six days a week, year-round. The company is expected to create 20 full-time jobs within three years.
Advanced Powder Products, Inc., a metal injection molding manufacturer, was approved for a $1,863,795, 15-year real estate loan at a 2 percent reset rate through the Moshannon Valley Economic Development Partnership. The loan will enable the company to construct a new 27,000 sq. ft. manufacturing facility. The company is expected to retain 65 and create 15 full-time jobs within three years.
Good Crop, Inc., an agri-processor and fruit juice manufacturer, was approved for a $800,000, 10-year machinery and equipment loan at a 3 percent rate through Chester County Economic Development Council. The loan will enable the company to purchase machinery and equipment to for the production and packaging of fruit juices at the company’s leased manufacturing space. Through this project, the company is expected to retain 12 and create 10 full-time jobs within three years.
A Greener Tomorrow, Inc., a recycling company, was approved for a $400,000, 10-year real estate loan at a 2 percent reset rate through the Chester County Economic Development Council. Through the loan, the company will be able to acquire the real estate, including two warehouses totaling 8,160 sq. ft. and conduct environmental remediation of the project site. The company is expected to create eight full-time jobs within three years.
Good Burrito Co., a fast-casual Tex-Mex restaurant, was approved for a $200,000, 15-year real estate loan at a 2 percent reset rate through EDC Finance Corporation to purchase its currently leased restaurant space, which includes four rental properties. This will enable the restaurant to realize rent savings while generating rental income. The company is expected to retain four full-time jobs through this project.
Product Evaluation Systems, Inc., an industrial testing company, was approved for a $1,055,546, 15-year real estate loan at a 2 percent reset rate through the Economic Growth Connection of Westmoreland. The loan will enable the company to construct a 12,150 sq. ft. pre-engineered steel building with a connecting corridor to their existing facility, which will house their machine shop and specialized mechanical testing equipment, and provide needed office space. The company is expected to retain 42 and create eight full-time jobs within three years.
So far in 2019, PIDA has approved $26,890,536 in low-interest loans that have resulted in $46,895,789 in private investment and supported 962 created and retained full-time jobs. This month’s meeting included the approval of six projects totaling more than $6 million in five counties.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between two and three percent for applications received by October 1, 2019.