The PennZone

Governor Tom Wolf announced the approval of nine new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in Beaver, Berks, Bucks, Dauphin, Erie, Fayette, and Lancaster counties that will help create and retain more than 375 total jobs.

"The PIDA loans approved today provide the support needed for these nine businesses to expand and succeed," said Gov. Wolf. "Through the acquisition of new property, the expansion of existing buildings, and the purchase of new equipment, this funding ensures these businesses can grow their operations right here in Pennsylvania."

To date in 2022, PIDA has approved $8,845,000 in low-interest loans that have resulted in $16,170,748 in private investment and supported 269 created and retained full-time jobs. Since 2015, PIDA has approved $361,778,277 in low-interest loans that have resulted in $727,981,169 in private investment and supported 14,765 created and retained full-time jobs.

The approved projects are as follows:

Beaver County

Selectrode Industries, Inc., through the Beaver County Corporation for Economic Development, was approved for a 10-year $327,583 loan at a 2.5 percent fixed interest rate to purchase machinery and equipment to increase its capacity and efficiency within its packaging department at its 100 Commerce Drive, Aliquippa City, Beaver County location. The new machinery will include shrink wrap machines, robot grippers, pallet positioners, production platforms, and industrial printers. The new pieces will allow an increase in production and sales outputs, gaining efficiencies via lead time reduction. The total project cost is $817,957 and the company has committed to create five new, full-time jobs and retain 47 positions within three years.

Berks County

F.M. Brown's Sons Incorporated, through the Greater Berks Development Fund, was approved for a 10-year $700,000 loan at a 2.5 percent fixed interest rate to purchase processing and packing equipment for its 205 Woodrow Avenue, Sinking Spring, Berks County facility. This loan will allow the company to purchase packaging equipment, holding bins, warehouse pallet racking, and conveyors required to fill their pet food bags at scale. The total project cost is $1,400,000 and the company has committed to create ten new, full-time jobs and retain 89 jobs within three years.

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Bucks County

Aluminumia Realty LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $1,000,000 loan at a 1.5 percent reset interest rate to acquire and renovate a 14,229-square-foot, one-story, multi-tenant building located at 51 Runway Road, Bristol Township, Bucks County. Once the building is acquired, the company has a tenant who will occupy 30 percent of the space with an expected increase to 50 percent in 2023. The company has identified a potential tenant for the remaining space after April 2023. The total project cost is $2,000,000.

Titan Mobile Shredding, LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $600,000 loan at a 2.5 percent fixed interest rate to acquire a 14,972-square-foot manufacturing facility located at 5110 Applebutter Road, Plumstead Township, Bucks County. The total project cost is $1,500,000 and the company has committed to retain 13 full-time jobs within three years.

Erie County

The Enterprise Development Center of Erie County (EDCEC), has been approved for a 15-year $2,250,000 loan at a 1.5 percent reset interest rate to construct a new 90,000-square-foot warehouse and distribution facility located at 1501 Myrtle Street, Erie, Erie County. The EDCEC will enter a 15-year lease with Berry Global, Inc. who will fully occupy the building. The total project cost is $9,219,450 and Berry Global, Inc. has committed to create 15 new, full-time jobs and retain 145 current positions within three years.

Fayette County

Fay-Penn Economic Development Council has been approved for a 15-year $2,250,000 loan at a 2.5 percent fixed interest rate to construct a one-story, 100,000-square-foot pre-engineered, light industrial, multi-tenant, partially finished, speculative building on Sandstone Way, Dunbar Township, Fayette County. The project will result in approximately 19.38 acres of newly developed industrial land with 100,000 square feet of build-to-suit lease space that could accommodate 10 or more tenants. The total project cost is $5,788,715.

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Lancaster County

Fox Chapel Publishing Co., Inc., through the EDC Finance Corporation, has been approved for a 15-year $1,800,000 loan at a 1.5 percent reset interest rate to build a 37,500-square-foot addition to their existing 41,000-square-foot facility located at 950 Square Street, Mount Joy, Lancaster County. The new addition will allow for as many as nine pallets of books to be stacked vertically, giving the new warehouse a total capacity of 7,500 to 8,000 pallets of books. The total project cost is $4,000,000 and Fox Chapel Publishing Co., Inc. has committed to retain 50 jobs within three years.

Hoober, Inc., through the EDC Finance Corporation, has been approved for a 15-year $1,533,000 loan at a 1.5 percent reset interest rate to construct a 22,400-square-foot free standing building directly adjacent to their existing 51,580-square-foot facility located at 3452 Old Philadelphia Pike, Intercourse, Lancaster County. The project will include upgrades and site improvements to the existing building and will add a connection between the two structures resulting in a new entrance, offices, restrooms, and a meeting room. The total project cost is $3,066,000 and the company has committed to retaining 86 jobs within three years.

Perry County

Duncannon Business Park 3, LP, through the Capital Region Economic Development Corporation, was approved for a 15-year, $1,050,000 loan at a 1.5 reset interest rate to construct a 44,251-square-foot building to be utilized as a hatchery space. The space will be leased to Longenecker's Hatchery, Inc. under a 15-year lease agreement. The total project cost is $12,352,850 and Longenecker's Hatchery, Inc. expects to create 14 new jobs within three years.

For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development initiatives, visit the DCED website.

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Filed Under: Government, State

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