HARRISBURG, Pa., Dec. 10, 2012 /PRNewswire-USNewswire/ -- The Corbett administration announced today that low-interest loans approved by the Pennsylvania Industrial Development Authority (PIDA) will support the development of a business park, help three manufacturers to expand and create more than 100 new jobs.
"Governor Tom Corbett is committed to ushering in an environment where the private sector can flourish and every Pennsylvanian that wants a job, has the opportunity to obtain one," said Department of Community and Economic Development Secretary C. Alan Walker. "Manufacturing growth will play a key role in making this happen."
PIDA approved more than $5 million in low-interest loans for four projects in Berks, Bucks, Franklin and Philadelphia counties. The investments will support the creation of 103 new jobs, retention of 357 jobs, and will result in additional private investments totaling more than $11 million.
"The low-interest loans approved through PIDA were critical in bringing these projects together that will result in more than 100 new manufacturing jobs," said Walker.
In 2012, PIDA has approved $35.2 million in low-interest loans that have resulted in $121.5 million in private investment and supported 3,204 jobs.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about economic development initiatives in Pennsylvania, visit www.newPA.com or call 1-866-466-3972.
Media contact: Theresa Elliott, 717-783-1132
Editor's Note: The PIDA board approved the following projects:
Brentwood Industries Inc., which manufactures plastic products including water cooling and filtration media, and sludge collection systems, is expected to create 30 new jobs within three years and retain an existing 325 employees. The company will receive a $2 million, 15-year loan at 2.25 percent to expand to a new location in the state and to acquire and complete a 31,000-square-foot expansion of an existing building in Cumro Township. The total project cost is $4.2 million and is being sponsored by the Greater Berks Development Fund.
MP Filtri USA, Inc. will receive a $300,000, 15-year loan at 2.25 percent to complete a 10,000-square-foot expansion at its existing building in Milford Township. The company, which manufactures, assembles and distributes hydraulic filter assemblies and replacement elements, is expected to create eight new jobs within the next three years and retain an existing 18 employees. The total project cost is $600,000 and is being sponsored by the Bucks County Economic Development Corporation.
Gate 7 LLC, which manufactures self-adhesive decals, pre-cut lettering, name plates and control panels, is expected to create five new jobs within the next three years and retain an existing 14 employees. The company will receive a $637,500, 15-year loan at 2.75 percent to construct a 12,000-square-foot building in Antrim Township. Located in the Antrim Commons Business Park, the $1.2 million project is being sponsored by Franklin County Economic Development Corporation.
United Scrap Metal Inc. will receive a $2.1 million, 15-year loan at 2.25 percent, to acquire and renovate an existing 112,500-square-foot office building in Philadelphia. The company, a wholesale goods and scrap metal recycler, will locate the project in the former and will create 60 new jobs within the next three years. Located at the Hunting Park West Enterprise Zone, the $5.25 million project is being sponsored by the PIDC Financing Corporation.
SOURCE Pennsylvania Department of Community & Economic Development