Pennsylvania: Governor Wolf Announces $1.28 Million to Support Business Expansion, Job ​Retention and Creation
The PennZone/10103459

Trending...
Governor Tom Wolf announced $1.28 million in low-interest loan​s through the Pennsylvania Industrial Development Authority (PIDA) that will help companies in three counties improve their operations, expand their facilities, and create and retain jobs.

"Despite navigating the challenges of the past year, Pennsylvania has remained committed to investing in companies that make a real difference in their local communities, creating and retaining jobs and providing critical goods and services," said Gov. Wolf. "The projects approved today will position these companies for long-term success, and will help Bucks, Lancaster, and Lebanon counties enhance their economic vitality and the strength of their communities."

For the year ending 2020, PIDA has approved $44,502,915 in low-interest loans that have resulted in $78,095,857 in private investment and supported 1,434 created and retained full-time jobs.

The approved projects are as follows:

Bucks County

Martelli Realty, LLC, through Bucks County Economic Development Corporation, was approved for a 10-year, $522,000 loan at a 1.75 percent fixed rate to acquire a 15,128-square-foot industrial building situated on two acres in Ivyland. The building, adjacent to the company's current facility, will allow for the expansion of The Martelli Companies, a group of related entities, into both facilities. The Martelli Companies are an equipment moving and transportation provider. Doyle Machine Tool, Inc., a Martelli Company, is expected to occupy approximately 75 percent of the space with the remaining 25 percent occupied by other various Martelli Companies due to its proximity to their current facility and the shared resources of the companies. Given this unique relationship between companies, all entities of The Martelli Companies will commit to retaining their current 40 full-time employees over three years. The total project cost of $1,160,000.

More on The PennZone
Lancaster County

Homestead Nutrition, a producer of crop and livestock nutritional supplements, through EDC Finance Corporation, was approved for a 15-year, $550,000 loan at a 0.75 percent reset rate to assist in the purchase of two industrial properties located in New Holland Borough, allowing the company to consolidate its operations into two contiguous parcels. The larger of the two buildings consists of 22,806 square feet, comprised of mostly warehouse and light manufacturing space, and the second building contains 5,035 square feet, also primarily warehouse and light manufacturing space. Both buildings include a dedicated office space. Both properties will be occupied by a related entity, Homestead Nutrition, Inc., which will retain 14 and create two full-time jobs within three years as a result of this project. The total PIDA project cost is $1,633,000.

Lebanon County

Lylab Technology Solutions, Inc., which provides computer and IT related services including IT consulting, network security, hosting solutions and cloud services, through Lebanon Valley Economic Development Corporation, was approved for a 15-year, $213,776 loan at a 0.75 percent reset rate to renovate a 3,744-square-foot building in Lebanon City. This project will allow the company to improve efficiency of the space for additional growth and to accommodate the needs of a private data center. Renovations include remodeling the second floor of the building, enhancing the exterior of the building, replacing windows, and upgrading the electric. The total project cost is $427,553, and the company will retain seven full-time jobs within three years as a result of this project.

More on The PennZone
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.

SHARE Email Facebook Twitter

Filed Under: Government, State
Show All News | Report Violation
0 Comments

Latest on The PennZone