HARRISBURG, Pa., May 4, 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 help spur statewide development projected to create and retain 55 jobs.
"The projects approved by the PIDA board this month are receiving the critical capital necessary to support the growth of their company," said Davin. "As a result, new jobs are coming to the commonwealth as we continue this collaboration to support Pennsylvania businesses."
Over the last month, PIDA approved more than $2.6 million in low-interest loans for four projects in Adams, Bedford, Bucks, and Centre counties that will generate more than $6.5 million in total investments.
In 2016, PIDA has approved $19.4 million in low-interest loans that have resulted in $40.2 million in private investment and supported 698 created and retained jobs.
The following PIDA loans were approved over the last month:
The Land and Forest Conservation Company was awarded a $60,000 loan at 3.25 percent fixed rate for seven years, to assist with the purchase of a reconditioned KMC track skidder forestry sprayer. Total project cost is projected to be $150,000, and will retain four full-time employees.
The Southern Alleghenies Planning and Development Commission was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Michael and Michelle Wilt, to construct a 4,800 hog finishing barn in Everett. The Wilt's have a contract with Country View Family Farms. Total project cost is projected to be $1,200,000.
The Bucks County Economic Development Corporation was awarded a $2,000,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Sapling, Inc., a manufacturer of synchronized clocks including analog and digital clocks, to acquire and renovate a 65,154-square-foot building near their current location. Total project cost is projected to be $4,640,000, and will create 16 new jobs and retain 35 existing positions.
The Philipsburg Super Bowl, LLC, was awarded a $199,000 loan at 3.25 percent fixed rate for 15-years, to assist with the purchase of a 25,000-square-foot formerly vacant bowling alley and restaurant located at 141 Enterprise Road, Philipsburg. Total project cost is projected to be $525,000.
Qualified applicants are eligible to select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3.25 percent for real estate financing, 3.25 percent fixed rate for equipment loans, 3.25 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 June 30, 2016.
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.
MEDIA CONTACT: Heidi Havens, 717-783-1132
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SOURCE Pennsylvania Department of Community & Economic Development