HARRISBURG, Pa., Sept. 10, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that low-interest loans approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of three companies that are projected to create 62 new jobs throughout the state.
"With unemployment at the lowest it's been since the recession and our economy on the comeback, Pennsylvania's businesses have the confidence to invest in new growth," Corbett said. "Our support of that growth is resulting in new jobs for Pennsylvanians and the opportunity to live well and invest in the future."
At its September meeting, PIDA approved nearly $5.07 million in low-interest loans for three projects, one each in Lancaster, Luzerne and Westmoreland counties, that are projected to create 62 new jobs and retain 214 positions. The projects will also result in an additional $15.9 million invested into the region by the businesses for the projects.
In 2013, PIDA has approved $52.6 million in low-interest loans that have resulted in $95.9 million in private investment and supported 9,806 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 the Department of Community and Economic Development and other job creation initiatives in Pennsylvania, visit www.newPA.com, follow us on Twitter @newPAnews, or call 1-866-466-3972.
Media contact: Lyndsay Frank, 717-783-1132
Editor's note: The PIDA board approved the following projects:
The Quality Bicycle Products, Inc., a distributor of bicycle parts and products, received a $2 million, 15-year loan at 2.5 percent interest, to construct a new 120,000-square-foot distribution center in East Hempfield Township. The company plans to relocate from its existing, rented location in Middletown, Dauphin County. The $10 million project will include the transfer of 57 positions and will create 23 new positions at the site in Lancaster County. The project is being sponsored by the EDC Finance Corporation.
DBI Services, LLC, which provides road, vegetation, cleaning and asset management to clients, will receive a $2.25 million, 15-year loan at 2.5 percent interest to purchase and renovate an existing 44,182-square-foot facility in Hazleton.
DBI has outgrown its current facility in Hazleton, two miles away from the new project site, and will move some positions to the new site and hire an additional 10 new employees. The more than $3.9 million project will establish the company's world headquarters. The project is being sponsored by the Greater Hazleton Community Area New Development Organization, Inc.
Lesleh Precision, Inc., a CNC precision machinery manufacturer, will receive an $816,646, 15-year loan at 2.25 percent interest to acquire an existing 32,706-square-foot facility in Rostraver Township. The more than $2 million project will include the retention of 32 positions and creation of 29 new positions at the new site. The project is being sponsored by the Economic Growth Connection of Westmoreland.
SOURCE Pennsylvania Office of the Governor