HARRISBURG, Pa., Aug. 3, 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 and create and retain jobs.
"The eight PIDA loans approved this month represent significant opportunities for businesses across the commonwealth to grow and prosper," Davin said. "Their progression will in turn aid in stimulating our economy and foster opportunities for job creation and retention in Pennsylvania."
Over the last month PIDA approved more than $2.7 million in low-interest loans for eight projects in Bucks, Centre, Lancaster, Union, and Westmoreland counties that will generate more than $4.3 million in private investments.
In 2016, PIDA has approved $32.4 million in low-interest loans that have resulted in $63.7 million in private investment and supported 1,334 created and retained jobs.
The following PIDA loans were approved over the last month:
The Bucks County Economic Development Corporation was awarded a $400,000, 10-year loan at 3.00 percent, on behalf of M&S Centerless Grinding, Inc., to purchase three pieces of highly specialized equipment in order for its subsidiary company, Meron Medical, to produce two components for a neurovascular medical device used to mitigate effects of brain aneurysms. The total project cost is expected to be $800,000 and will create five new jobs and retain five existing positions.
The Moshannon Valley Economic Development Partnership was awarded a $123,750, 15-year loan at 2.25 percent for first seven years, for the acquisition of the former Philipsburg Area Hospital site to help meet its goal of providing locations for entrepreneurial start-ups, expanding businesses, and attracting outside businesses to the region. Two buildings are anticipated to be constructed on the site, housing up to five new businesses. The total project cost is expected to be $165,000.
The EDC Finance Corporation was approved for four loans at the August meeting:
- A $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Garrett E. Weaver, to construct a 40,572-square-foot, two-stage duck finishing building capable of holding more than 39,000 birds. The total project cost is expected to be $1,200,000.
- A $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Bellaire Farms, LLC, to construct two 31,500-square-foot broiler houses that will each accommodate approximately 36,000 birds. The total project cost is expected to be $1,100,000.
- A $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Flintrock Farms, to purchase the ownership interest of Daryl Heller and J. Richard Heller. The total project cost is expected to be $894,600.
- A $225,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Riverrock Group, LLC, to purchase both the real estate and the operating assets of Kulp's Sheet Metal, Inc. The total project cost is expected to be $460,500 and will create three new jobs and retain three existing positions.
The SEDA-Council of Governments was awarded a $400,000, 12-year loan at 2.25 percent for the first seven years, on behalf of Michael A. Noll and Jamie M. Noll, to construct a 40,524-square-foot layer house, which will accommodate approximately 40,000 birds. Embryo eggs will be produced for Hy-Line North America, LLC. The total project cost is expected to be $1,445,000.
The Economic Growth Connection of Westmoreland was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Joshua, Jay, Bradley, and Diane Gordon, for the installation of a fire suppression sprinkler system through the entire 490,000-square-foot Amcel Center in East Huntingdon Township. The total project cost is expected to be $1,000,000.
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.
Qualified applicants are eligible to select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3.00 percent for real estate financing, 3.00 percent fixed rate for equipment loans, 3.00 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 September 30, 2016.
MEDIA CONTACT: David Misner, 717-783-1132
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SOURCE Pennsylvania Department of Community & Economic Development