HARRISBURG, Pa., Nov. 4, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will support the continued growth of Pennsylvania businesses that are projected to create and retain a combined 94 jobs.
At the November meeting, PIDA approved more than $676,000 in low-interest loans for two projects in Mifflin County, which will generate more than $1.6 million in total investments.
"The loans approved today will provide business support in two very important commonwealth industries – manufacturing and agriculture," said Davin. "Governor Wolf understands the importance of increasing opportunities for the industries that Pennsylvania was built on, as well as supporting new and emerging sectors by providing a much-needed funding increase to the PIDA program to promote all Pennsylvania businesses."
In 2015, PIDA has approved $54.4 million in low-interest loans that have resulted in $123.5 million in private investment, and supported nearly 2,500 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
PIDA is continuing to offer extremely competitive interest rates due to recent market changes.
Qualified applicants are eligible to select either a reset rate of 2.50 percent for the first seven years or a fixed rate of 3.50 percent for real estate financing, 3.50 percent fixed rate for equipment loans, 3.50 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through Dec. 31, 2015.
The PIDA board approved the following loans at its November meeting:
The SEDA-Council of Governments was awarded a $326,800, 7-year loan at 3.5 percent, on behalf of Nittany Paper Mills, Inc., a manufacturer of paper products and dispensers, for the purchase of a second Maflex Tissue Line machine at its facility in Granville Township. The company's current line is running at full capacity. The addition of a second machine will provide Nittany Paper Mills with the opportunity to increase production and sales of this product line. Total project cost is projected to be $916,000, and will create seven new jobs and will retain 87 existing positions.
The SEDA-Council of Governments was also awarded a $350,000, 15-year loan at 2.5 percent, on behalf of Angela Carolyn Miller for the construction of a 14,600-square-foot breeder house in Union Township. Miller plans to run a hatchery operation that will house more than 15,000 chickens on her 72-acre farm after entering into seven-year contract with Farmers Pride. Total project cost is projected to be $700,000.
For more information about the Pennsylvania Industrial Development Authority, visit www.newpa.com.
Dan Carrigan, DCED, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development