HARRISBURG, Pa., March 2, 2016 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will support the continued growth of Pennsylvania businesses that are projected to create 100 new jobs and retain 201 more positions.
Over the last month, PIDA approved more than $4.5 million in low-interest loans for four projects in Allegheny, Lancaster, and York counties that will generate more than $18.4 million in total investments.
"The PIDA program continues to be an important resource for Pennsylvania businesses that want to take their company to the next level," said Davin. "Each month we have successfully deployed capital to Pennsylvania businesses of all sizes and industry sectors and we are committed to continuing our efforts."
In 2016, PIDA approved $10.7 million in low-interest loans that resulted in $19.1 million in private investment and supported 306 created and retained 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, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
PIDA is continuing to offer extremely competitive interest rates due to recent market changes.
Qualified applicants are eligible to select either a reset rate of 2.75 percent for the first seven years or a fixed rate of 3.75 percent for real estate financing, 3.75 percent fixed rate for equipment loans, 3.75 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through March 31, 2016.
The following PIDA loans were approved over the last month:
The Regional Industrial Development Corporation of Southwest Pennsylvania was awarded a $2,000,000, 15-year loan at 2.75 percent for the first seven years, for the renovation of the Roundhouse Building located on 4.9 acres of the Almono Industrial Park site. The 25,000-square-foot building was part of the LTV Coke and Eliza Works Coke Plant and was used to service locomotives. The structure will be converted into a multi-occupancy building that, when completed, will house two companies engaged in research and development of automated services vehicles. The conversion will include constructing eight service bays for vehicles with support and office space. Additional improvements include the installation of a new roof, a new HVAC system, new electrical and plumbing systems, the addition of a fire suppression system, restroom facilities, and high-speed data and telecom systems. Total project cost is projected to be $4,000,000.
The EDC Finance Corporation was awarded a $2,000,000, 15-year loan at 2.75 percent for the first seven years, on behalf of Listrak Inc., for the construction of a 110,732-square-foot building in Warwick Township to support future expansion efforts. The e-mail marketing company acquired 23.13 acres of land for the consolidation and expansion project. Total project cost is projected to be $13,260,000 and will create 100 new jobs while retaining 195 existing positions.
The EDC Finance Corporation was awarded a $400,000, 15-year loan at 3.75 percent, on behalf of Gregory and Beth Herr to construct two single-story broiler houses on their farm in Rapho Township. Upon completion, the farm will have four houses with a capacity of 99,500 birds as a contract grower with Farmers Pride. Upon project completion the Herrs anticipate pursuing organic certification. The total project cost is projected to be $1,000,000.
York County Economic Development Corporation was awarded a $110,000, 15-year loan at a 3.75 percent fixed rate, on behalf of Qdot Engineering to assist with the purchase and renovation of a 6,605-square-foot facility at 274-280 West Market Street in the City of York. Qdot provides forensic and consulting engineering expertise in electrical failure analysis and fire protection. This project will allow the company to expand its operations by creating office space and conference rooms for the staff, and to establish a "store front" area to engage with customers. Total project cost is projected to be $220,000 and will retain six existing positions.
Dan Carrigan, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development