The PennZone

Governor Tom Wolf announced three new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will help companies in three counties expand their operations, enhance services and improve facilities, and create and retain jobs.

"As 2020 draws to a close, we reflect on the challenges faced by Pennsylvania's critical industries as a result of the COVID-19 pandemic, and the fortitude they have demonstrated over the past ten months," said Gov. Wolf. "The investments we make in businesses that power those industries will help them continue to grow, expand, and thrive into the new year and beyond."

In 2020, PIDA has approved $38,907,915 in low-interest loans that have resulted in $70,615,022 in private investment and supported 1,201 created and retained full-time jobs.

The approved projects are as follows:

Mercer County

American Cap Company, LLC, through Penn-Northwest Development Corporation, was approved for a 10-year, $1.35 million loan at a 1.75 percent fixed rate to purchase and install machinery and equipment related to the company's expansion of its coupling product line at its manufacturing facility in Wheatland Borough. The expansion of this line also includes the installation of a coupling phosphate line, a coupling painting line, and ancillary equipment required to complete the manufacturing expansion. Both the phosphate and paint lines have been previously outsourced to third parties. American Cap Company, LLC, manufactures component parts for the industrial gas, specialty gas and welding supply industries, and premium and semi-premium couplings for the Oil Country Tubular Goods (OCTG) industry. The total project cost is $2,940,980 and the company will retain 210 jobs.

More on The PennZone

• #WeAreGreekWarriors Comes to Detroit in Celebration of Women's History Month
• JKS Financial Marks Five-Year Partnership with University of Pittsburgh Basketball, United Way
• Buildout Launches CRM, Completing the Industry's First AI-Powered End-to-End Deal Engine for CRE
• Energywise Solutions and Pickleball Pros Partner to Bring More Energy and Visibility to Pickleball Clubs
• The Franchise King® Releases Free Guide for Nervous Buyers

Susquehanna County

DH Manufacturing, LLC, through the Northern Tier Regional Planning & Development Commission, was approved for a 10-year, $400,000 loan at a 1.75 percent fixed rate to purchase machinery and equipment located in Bridgewater Township. The equipment to be acquired includes skid loaders, excavators, forklifts, and stone saws among other miscellaneous items. DH Manufacturing, LLC, specializes in stone manufacturing with a focus on cutting dimensional thermal bluestone products. This includes but is not limited to stair treads, pool coping, dimensional patio stone, and large cutting stock which is used for special orders. The total project cost of $816,185, and the company will create eight and retain 15 full-time jobs within three years as a result of this project.

Westmoreland County

The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) was approved for a 15-year, $2.25 million loan at a 1.75 percent fixed rate to renovate the RIDC Westmoreland Plant (the former Sony Facility). With this project, RIDC will assist the expansion of Intervala within the RIDC Westmoreland facility. Intervala—a full-service manufacturer of complex, high-performance printed circuit board assemblies, electromechanical systems, and cable and harness assemblies—will be expanding its site from 136,500 square feet to approximately 220,000 square feet. Currently, Intervala employs approximately 210 in the RIDC facilities, with plans to expand to 350 jobs over the next five years. Tenants leasing space in RIDC Westmoreland include DNP IMS America, Cenveo, Westmoreland County Community College, Siemens, and ARGO. Three additional units totaling 23,000 sq. ft. are currently leased on a short-term basis.

More on The PennZone

• Kanguro Insurance Taps Paylode to Launch Best-in-Class Pet and Renters Insurance Rewards Experience
• CCHR: CIA Mind-Control Files Raise Urgent Questions as Millions Take Psychotropic Drugs
• NRx Pharmaceuticals Launches Breakthrough One-Day Treatment Clinic in Florida as FDA Pathway and Clinical Data Strengthen Growth Outlook; $NRXP
• Revenue Optics Launches Talent Infrastructure Platform for SaaS Revenue Hiring and Appoints Sabz Kaur to Lead Growth
• Building a Multi-Domain Autonomous Systems Platform at the Intersection of AI, Defense and Infrastructure: VisionWave Holdings (N A S D A Q: VWAV)

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