Pennsylvania Industrial Development Authority Awards Funding to Support Business Expansion and Job Creation in Six Counties
March 04, 2020
Governor Tom Wolf announced six new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will support businesses in the purchase of new technology, equipment, real estate, and building construction costs, and the creation of new full-time jobs across the commonwealth.
“The businesses that were awarded funding today will expand their operations and improve service, bring new jobs to their communities, and benefit Pennsylvanians in a number of ways — including making healthcare more accessible and environmentally friendly and acquiring the tools and equipment they need to offer high-quality service to consumers,” said Gov. Wolf. “My administration continues to invest in and support businesses of all sizes as they work to strategically improve their operations and what they can offer to their customers.”
In 2020, PIDA has approved $12,476,775 in low-interest loans that have resulted in $28,840,802 in private investment and supported 933 created and retained full-time jobs.
The following loans were approved:
Manning-MFG, LLC, through the Bucks County Economic Development Corporation, was approved for a $640,000 PIDA loan at a 3 percent fixed interest rate for 10 years for the acquisition of an existing 28,060 sq. ft. multi-occupancy building in Bristol Township. The facility is currently fully occupied with four longstanding tenants who will continue their agreement with Manning-MFG, LLC. The total project cost is $1.6 million.
Palmerton Site, LLC, through the Carbon Chamber and Economic Development Corporation, was approved for a $2 million, 15-year PIDA loan at a 1.75 percent reset interest rate to assist in construction of its new 16,923-square-foot building in Palmerton Borough. The building will make quality healthcare more accessible for Palmerton and surrounding communities, providing access to St. Luke’s University Health Network physicians, medical procedures, physical therapy, and laboratory services. The total project cost is $4,945,122, and St. Luke’s University Health Network will create 50 full-time jobs and retain 25 jobs.
H3C Enterprises, LLC, through the Capital Region Economic Development Corporation, was approved for a $165,000, 15-year PIDA loan at a 2 percent reset interest rate to acquire a 10,680-square-foot industrial property in New Cumberland. The facility will be primarily used for warehousing of equipment and materials with the majority of the space being occupied bya commercial and residential full-service property restoration company, C&Z Construction, LLC., The total project cost is of $490,675, and C&Z Construction, LLC, will create six full-time jobs and retain 15 jobs.
SAP Manufacturing, LLC, a manufacturer of plastic products, through the Northeastern PA Alliance, was approved for a $400,000, 10-year PIDA loan at a 3 percent fixed interest rate. Funding will provide for the acquisition of manufacturing equipment, including plastic injection molding, plastic extrusion and rotational molding equipment, and real estate for its site in Jefferson Township. The total project cost is $1.55 million, and the company will create one full-time job and retain 10 jobs.
Wyoming Valley Chiropractic, Inc., through the Northeastern PA Alliance, was approved for a $35,939 PIDA loan at a 2 percent fixed interest rate for 10 years. The funding will assist in the purchase of a 20/20 C-DR Direct Digital imaging system and related accessories for the practice located in Forty Fort Borough. This purchase will allow the company to upgrade from plain film to digital X-ray, using less energy and reducing environmental pollution. The total project cost is $47,919.
CryoConcepts, LP, through the Lehigh Valley Economic Investment Corporation, was approved for a $400,000 PIDA loan at a 3 percent fixed interest rate for 10 years. The funding will be used to acquire machinery and equipment to be installed at the company’s research, development, and manufacturing facility in Bethlehem City to support manufacturing new, more technologically-advanced cryosurgical products. The total project cost is $850,000, and the company will create eight full-time jobs and retain 20 jobs.
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 2 and 3 percent for applications received by March 31, 2020.