The PennZone

Governor Tom Wolf announced the approval of eight new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in six counties across Pennsylvania that will help create and retain 233 jobs.

"It's critical to support the growth of our businesses and give them the help needed to thrive here in the commonwealth," said Gov. Wolf. "The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies in their surrounding communities."

To date in 2022, PIDA has approved $27,600,519 in low-interest loans that have resulted in $58,677,680 in private investment and supported 767 created and retained full-time jobs. Since 2015, PIDA has approved $389,478,796 in low-interest loans that have resulted in $786,658,849 in private investment and supported 15,532 created and retained full-time jobs.

The approved projects are as follows:

Bucks County

Btec Solutions, Inc., through the Bucks County Economic Development Corporation, was approved for a 15-year $2,250,000 loan at a 2.5 percent reset interest rate for the acquisition of a 161,000-square-foot building located on 5.88 acres in an Enterprise Zone at 913 Cedar Avenue, Croyden, Bristol Township, Bucks County. Btec Solutions, a long-term occupant of the building, is currently leasing approximately 45 percent of the facility.

The project also includes the purchase and installation of machinery and equipment, to be installed and utilized in the production operation of Btec Solutions. Btec Solutions was approved for a 10-year $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a 3.5 percent fixed interest rate towards this purchase. The total project cost is $13,363,268 and the company has committed to retain 86 full-time jobs within three years.

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Carbon County

Jim Thorpe Site, LLC, through the Carbon Chamber and Economic Development Corporation, was approved for a 15-year $1,764,000 loan at a 2.5 percent reset interest rate to acquire and renovate an 8,400-square-foot medical facility located at 1122 North Street, Jim Thorpe, Jim Thorpe Borough, Carbon County. The facility will be leased to St. Luke's Health Network, Inc.  The total project cost is $3,528,000 and the company has committed to create 35 new, full-time jobs and retain eight positions within three years.

Erie County

Equipment Reuse International LLC, through the Northwest Pennsylvania Regional Planning and Development Commission, was approved for a 15-year $199,999 loan at a 2.5 percent reset interest rate to assist with improvements and renovations to their manufacturing facility located at 2962 Mechanic Street in Lake City Borough, Erie County. The total project cost is $400,000 and the company has committed to create three new, full-time jobs and retain nine positions within three years.

Philadelphia County

Mulherins EM LLC, through the Philadelphia Industrial Development Corporation (PIDC) Financing Corporation, was approved for a 7-year $200,000 loan to assist in the purchase of machinery and equipment to be used in a new restaurant space at 1100 Market Street in Philadelphia. The total project cost is $400,000 and the company plans to create 50 full-time jobs as a result of this project.

Snyder County

Penn Dairy, LLC, through the SEDA-Council of Governments in Lewisburg, PA, was approved for a 15-year $400,000 loan at a 2.5 percent reset interest rate to construct a 9,260-square-foot addition to their existing 27,167-square-foot food production facility at 7199 County Line Road in Jackson Township, Snyder County. The total project cost is $880,000 and the company has committed to create six new, full-time jobs and retain 28 positions within three years.

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Westmoreland County

Weaver Development, Inc., through Economic Growth Connection of Westmoreland, was approved for a 10-year $1,180,000 loan with a 20-year amortization at a 2.5 percent reset interest rate to acquire 3.8-acres and construct two 15,000-square-foot industrial flex buildings in the Bushy Run Corporate Park located at 1000 Pontiac Court, Penn Township, Westmoreland County. The total project cost is $2,950,000.

The Westmoreland County Industrial Development Corporation, through the Economic Growth Connection of Westmoreland, was approved for a 15-year $2,250,000 loan at a 3.5 percent fixed interest rate to finance site preparation work for the future development of 78.8 acres into three ready-to-build, "pad ready" sites consisting of 15-30 acres per pad at State Route 3193 in Mount Pleasant, East Huntingdon Township, Westmoreland County. The total project cost is $6,315,500. For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development programs and initiatives, visit the DCED website.

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Filed Under: Government, State

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