Low-Interest Loans to Support the Growth of Pennsylvania Manufacturers
HARRISBURG, Pa., March 7, 2013 /PRNewswire-USNewswire/ -- Low-interest loans approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of four manufacturers that are projected to create 47 new jobs and retain 109 jobs.
"Governor Corbett's manufacturing advisory council identified access to capital as a critical component of any successful manufacturer," Department of Community and Economic Development Secretary C. Alan Walker said. "Through providing critical access to capital and freeing up operating cash to support new job creation, we are encouraging the growth of four Pennsylvania manufacturers."
At its March meeting, PIDA approved nearly $3.8 million in low-interest loans for four projects in Allegheny, Beaver, Bucks and Philadelphia counties that are projected to create 47 new jobs and retain 109 jobs. The investments will also result in additional private sector funds totaling nearly $12 million.
In 2013, PIDA has approved $9 million in low-interest loans that have resulted in $18.4 million in private investment and supported 1,037 jobs.
In December 2012, the Department of Community and Economic Development reduced the interest rates of five business loan programs, including PIDA, from 2.75 percent to 1.5 percent to encourage job growth. PIDA and DCED also waived its fees charged to the borrowers. The new rates are initially in place for applications received through March 31, 2013 and will be evaluated for a potential extension at that time.
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 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 today:
The Regional Industrial Development Corporation was awarded a $994,612, 15-year loan at 1.5 percent, on behalf of Maverick Dental Solutions LLC., to acquire and renovate an existing 16,000-square-foot manufacturing facility in Monroeville Borough. The company is a full-service dental laboratory and light manufacturer for dental appliances, including fixed, removable and implant prosthetics. The $2.5 million project will renovate a former car dealership into a state-of-the-art office, manufacturing and warehouse facility. The company plans to relocate 43 existing employees to the new facility and create 15 new positions.
Creekside Springs LLC was awarded a $677,500, 15-year loan at 1.5 percent, to purchase and renovate an existing 66,800-square-foot industrial facility in New Brighton Borough. The company, which bottles spring, distilled, purified and enhanced water products, plans to use the facility to increase the overall production capacity of the company. The $1.35 million project is expected to create 20 new, jobs and retain 19 employees at Creekside's Ambridge facility. The company also received an additional funding offer from the state including a $30,000 PA First grant, $18,000 in Job Creation Tax Credits and a $350,000 loan from the Machinery and Equipment Loan Fund. The project was coordinated by the Governor's Action Team and the Beaver County Corporation for Economic Development.
Future Foam Inc. was awarded a $1.19 million, 15-year, loan at 1.5 percent to acquire two existing buildings totaling 120,253-square feet in Falls Township. The company, which manufactures rebond carpet pads from post-industrial and post-consumer polyurethane scrap, will purchase the buildings it currently leases and retain its 34 existing employees. The $5.2 million project is sponsored by the Bucks County Economic Development Corporation.
A & B Wiper Supply Inc. was awarded a $1 million, 15-year loan at 1.5 percent to acquire a 305,000-square-foot existing building in Philadelphia. The company manufactures wiping cloths, terry towels and accompanying products from new and recycled textile by-products. The $6.7 million project will retain 32 existing employees and create 12 new positions within the next three years.
SOURCE Pennsylvania Department of Community & Economic Development