Pennsylvania Industrial Development Authority Awards Funding to Support Business Expansion and Job Creation in Six Counties
January 08, 2020
Governor Tom Wolf announced seven new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will support the purchase of new technology and equipment, provide early intervention and adult care services to Pennsylvanians, create a new Commercial Driver License certification center, and support the creation of new full-time jobs across the commonwealth.
“The funding awarded today will help businesses in six Pennsylvania counties — businesses that serve as a snapshot of the growth we are seeing across the commonwealth — better serve their customers and communities,” said Gov. Wolf. “My administration is committed to supporting businesses of all sizes as they grow and evolve, and this funding will help these companies launch new services, save money, and operate more efficiently.”
In 2019, PIDA approved $52,906,326 in low interest loans that have resulted in $104,174,333 in private investment and supported the creation and retention of 1,977 full-time jobs.
The following loans were approved:
My Therapy Tree, LLC and Growing in Motion, LLC, through the Capital Region Economic Development Corporation, were approved for a $102,000, 15-year PIDA loan at a 1.75 percent reset rate to acquire a 2,200-square-foot building located in Camp Hill Borough. The building will enable the two jointly owned companies to provide a professional, child friendly space specifically designed for the needs of their early intervention clients. The total project cost is $300,150, and the company will create one new full-time job and retain three jobs.
Madame Rx, LLC, d/b/a Chemistry Rx, a pharmaceutical manufacturer, was approved for a $600,000, 10-year PIDA loan at a 2.75 percent fixed interest rate. The company recently expanded, and funding will provide for the acquisition of three large machinery and equipment components that will be installed in the company’s new manufacturing and research facility in Folcroft Borough. Twenty-one full time jobs will be retained. The total project cost is $1,339,776.
Dental Associates of NEPA, PC was approved for a $19,166 PIDA loan at a 2 percent fixed interest rate for five years. The funding will be used to acquire an Intra-Oral Digital Dental Impression Scanner to be used at the company’s office located in Wilkes-Barre. The purchase of the scanner will allow the company to replace its conventional intra-oral dental impression techniques, substantially reduce municipal dental waste materials, generate savings, increase office productivity, and increase patient safety. The total project cost is $25,555.
SJR-JLC, LLC and Reis Holdings, LLC, were approved for a $164,000 PIDA loan, at a 2.75 percent interest rate for fifteen years to purchase the real estate of the Professional Driver’s Academy located in Milton Borough. The property includes a 20.25-acre area used for driver training and a 4,196-square-foot office building. The company offers professional driver training, focusing on training drivers for Commercial Driver License certification. The total project cost is $428,000.
Custom Container Solutions, LLC, was approved for a $475,000, 10-year loan at a 2.75 percent fixed rate to provide for the purchase of machinery and equipment. The new equipment will allow the company to add additional product lines such as compactors, gondola trailers and hoists, and will include plasma tables, a small can production line system, welding equipment, crane modifications, and other equipment. This funding is part of a larger project coordinated by the Governor’s Action Team which will create 36 and retain 60 full-time jobs, toward which the company has pledged to invest $5.5 million in capital funding.
Columbia Street, LLC, through the Schuylkill Economic Development Corporation, was approved for a $778,292, 15-year PIDA loan at a 2.75 percent fixed interest rate to acquire and renovate a 14,128-square-foot single tenant facility located in Schuylkill Haven. The facility will be leased to one tenant, Evans Network of Companies, and will be used as an extension to the company’s national headquarters located less than a mile away. The total project cost is $1,556,584.
Almond Tree Senior Solutions, LLC, was approved for a $29,000 PIDA loan at a 2.75 percent fixed interest rate for three years. The funding will assist in the expansion of the company’s services to allow for the startup of an adult day services center at a newly leased 20,000-square-foot facility located in Monroe Township, including leasehold improvements and operating costs. The total project cost is $122,390.
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.