New Low-Interest Financing from Wolf Administration to Support Small Business Expansion, Building Acquisition
March 06, 2019
Harrisburg, PA – Today, Governor Tom Wolf announced four new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) program. The loans will enable the expansion of two small Lancaster County businesses and a campground business in Armstrong County to expand. They will also support the purchase of a leased industrial building in Bucks County.
“When businesses are looking to grow and create jobs, they often need access to capital,” Governor Wolf said. “PIDA provides that capital at low interest rates, which is especially crucial for small businesses. These projects approved today will help these businesses expand and boost their local economies.”
So far in 2019, PIDA has approved $6,275,000 in low interest loans that have resulted in $14,639,685 in private investment and supported 89 created and retained full-time jobs. This month’s meeting included the approval of four projects totaling just over $1 million in Armstrong, Bucks, Lancaster, and York counties.
The approved projects were as follows:
Bear Ridge Campground & RV Resort LLC was approved for a $200,000, 15-year loan at a 3.75 percent fixed rate through the Southwestern Pennsylvania Corporation. The loan will enable the company to acquire a 68-acre campground property located in Boggs Township. The campground features a 3,000-square-foot lodge with a full kitchen, restrooms, game room, and a community center. The property also includes a 40-foot in-ground pool, a retail store, a three-acre lake for fishing and boating, three pavilions, two playgrounds, basketball and volleyball courts, and two rental cabins. The project is expected to retain one full-time employee.
GWJD Real Estate LP, a real estate holding entity, was approved for a $388,000, 15-year loan at a 3.75 percent fixed rate through Bucks County Economic Development Corporation. The loan will enable the company to purchase an 18,000-square-foot multi-occupancy industrial building in Lower Southampton Township. The facility is currently leased by eight tenants.
Passenger Coffee Roasting, LLC, a specialty coffee roaster in the city of Lancaster, was approved for a $220,000, 15-year loan at a 2.75 percent seven year reset rate through EDC Finance Corporation. The loan will enable the company to renovate a newly-purchased industrial location on Plum Street into a food-grade processing facility. The company will retain 11 full-time jobs as a result of this project.
Prince Street Café LLC was approved for a $200,000, 7-year loan at a 3.75 percent fixed rate through York County Economic Development Corporation. The loan will enable Prince Street Café, a successful cafe in downtown Lancaster, to open a second location on West Market St. in York City. The project includes leasehold improvements and furniture, fixtures, and equipment needed to establish the York café.
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.