Low-Interest Loans Support Business Site Development in Western PA
HARRISBURG, Pa., Jan. 7, 2013 /PRNewswire-USNewswire/-- Low-interest loans approved by the Pennsylvania Industrial Development Authority (PIDA) will support continued development of two business sites that are projected to bring several hundred jobs to western Pennsylvania.
"Governor Tom Corbett is committed to creating an environment where the private sector can flourish and a job is available to every Pennsylvanian who wants one," Department of Community and Economic Development Secretary C. Alan Walker said. "Partnering with local economic development organizations to move these important projects forward will help to attract new businesses and jobs to this region."
At its January meeting, PIDA approved $3.04 million in low-interest loans for two projects in Westmoreland County that are projected to create at least 300 new jobs and result in the retention of 100 jobs. The investments will also result in additional private sector funds totaling more than $3 million.
Economic Growth Connection of Westmoreland (EGCW) was awarded a $1.8 million, 15-year loan at 1.5 percent, to develop 52-acres at the Westmoreland Airpark in Unity Township. EGCW plans to construct and market approximately 12 new parcels to advanced manufacturing and energy-related businesses. The project is projected to create between 300 to 400 new jobs and additional private investment of $1.2 million.
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $1.24 million, 15-year loan at 1.5 percent, for the continued renovation of the Sony Building in East Huntingdon Township. New renovations will support the expansion of Dai Nippon Printing (DAI) which occupies 135,000 square feet and will lease an additional 26,000 square feet to install a new manufacturing line. DAI currently employs 100 people at this site and expects to add 10 new jobs.
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 the Department of Community and Economic Development and other Jobs First PA initiatives, visit newPA.com/jobs1st or call 1-866-466-3972.
Media contact: Theresa Elliott, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development