Governor Corbett: Low-Interest Loans to Support the Continued Growth of Manufacturing Pennsylvania, Creating 480 New Jobs
HARRISBURG, Pa., Sept. 4, 2014 /PRNewswire-USNewswire/ -- Continuing to advance his JOBS1st PA initiative, Governor Tom Corbett today announced that new state investments recently approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of manufacturers and will also support regional efforts to redevelop old and abandoned buildings for new growth opportunities. The investments are projected to create 480 new jobs and support the retention of 780 Pennsylvania jobs.
"Pennsylvania manufacturers continue to make quality products for customers around the world," Gov. Corbett said. "To keep manufacturing moving forward, we will continue making targeted investments to ensure our manufacturers have access to the resources they need to grow and create jobs."
At its meeting in Sept., PIDA approved nearly $11.8 million in low-interest loans for eight projects in Adams, Allegheny, Bucks, Dauphin, Erie, Luzerne and Philadelphia counties that are projected to create 480 new jobs and retain 780 jobs. The projects will result in more than $53.1 million in total investments.
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.
In 2014, PIDA has approved $43,802,518 million in low-interest loans that have resulted in $109,909,993 million in private investment and supported 2,587 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, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
In 2011, Corbett commissioned the Governor's Manufacturing Advisory Council (GMAC), a public/private advisory council to identify and prioritize top issues that can help influence, sustain and advance that sector in the state. The 24-member Council sent its report to Corbett and the General Assembly in August that outlined 15 key recommendations to help Pennsylvania remain competitive in today's global economy.
To date, the Corbett administration has either addressed or has made progress in addressing all 15 of the Council's recommendations, including improving manufacturer access to capital.
For more information about Gov. Corbett's commitment to JOBS1st PA, visit www.pa.gov.
Valerie Caras, Governor's Office; 717-783-1116
Lyndsay Kensinger, DCED; 717-783-1132
Editor's note: The PIDA board approved the following projects at the September board meeting:
The Adams County Economic Development Corporation was awarded a $1,212,116, 15-year loan at 2.25 percent, on behalf of Bream & Bear Operating Company, to expand at its current location in Biglerville. Bream & Bear Operating Company and Bream & Bear Ltd are joint ventures established in 2008 by the owners of Bear Mountain Orchards and the owners of Bream Orchards. The primary operation of the business is fruit storage for Bear Mountain Orchards, Inc. and Bream Orchards, Inc. The 31,782-square-foot expansion will include a total investment of $3,030,291 and is expected to create eight new jobs and retain 71 more positions.
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $1,790,000, 15-year loan at four percent to construct a new building in Duquesne. The project involves the construction of a 30,000-square-foot building at the former U. S. Steel Duquesne Works site. Total site investment is estimated to be more than $5,033,546 and is projected to create 45 new jobs.
The Bucks County Economic Development Corporation was awarded a $600,000, 15-year loan at 2.25 percent, on behalf of Griff and Associates, L.P., to acquire and renovate an existing building in Falls Township. The company, which manufactures specialty papers and film, will acquire and renovate a 44,611-square-foot building, formerly the location of Ace Worldwide Moving and Storage. Total site investment will be more than $1.5 million and is expected to create 22 new jobs and retain 64 more positions.
Capital Region Economic Development Corporation was awarded a $1,505,000, 15-year loan at 2.25 percent, on behalf of Philadelphia Macaroni Company, to acquire and renovate existing building in the City of Harrisburg. The company, which manufactures a large assortment of pasta and noodles, will acquire and renovate a 149,753-square-foot building, the former location of Unilever's pasta production facility. Total site investment will be more than $2,543,875 and is projected retain all of Unilever's 43 employees at this site.
The Greater Erie Industrial Development Corporation was awarded a $2 million, 15-year loan at 2.25 percent, on Barrel O' Fun Snack Foods Co. East, Inc., to acquire and renovate an existing facility in Waterford Township. The company, which manufactures consumer snack foods, will acquire and renovate a 163,000-square-foot facility, formerly the location of Troyer's potato chip manufacturing plant. Total site investment will be more than $5,729,000 and is expected to create 87 new jobs. In addition, the company also received a funding offer from the Governor's Action Team that included a $275,000 Pennsylvania First Program grant, $174,000 in Job Creation Tax Credits and $39,150 in Guaranteed Free Training. Barrel O' Fun has also applied for a $2 million, low-interest loan from the Machinery and Equipment Loan Fund.
Greater Hazleton CAN DO, Inc. was awarded a $285,000, 15-year loan at 2.25 percent, on behalf of GT Fabrication, Inc., to acquire an existing building in Dupont Borough. The company, which manufactures powder coats and assembles parts which are used in many different industrial and manufacturing applications, will acquire a 30,000-square-foot building approximately three miles away from its former site which was located in a flood plain. Total site investment will be more than $696,000 and is projected to retain all 14 positions.
The Greater Hazleton Community Area New Development Organization, Inc. was awarded a $2,225,030, 15-year loan at 2.25 percent to renovate an existing building. The project involves the renovation of an eight-story building located in downtown Hazleton. Total site investment will be more than $6,077,864 and is projected to create 160 new jobs.
The Philadelphia Industrial Development Corporation was awarded a $2,250,000, 15-year loan at 2.25 percent, on behalf of Dietz & Watson, to construct a 145,000-square-foot facility next to their current manufacturing facility in the City of Philadelphia. The project was coordinated by the Governor's Action Team and was previously announced in June 2014. Total site investment will be more than $28 million and is projected to create 158 new jobs and retain 588 more positions.
SOURCE Pennsylvania Office of the Governor