HARRISBURG, Pa., Sept. 7, 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 103 new jobs and retain 197 jobs.
"Through low-interest loans and lines of credit, PIDA ensures that eligible businesses have access to the capital they need to support continued success in Pennsylvania," said Governor Wolf. "The 300 jobs created and retained through this month's PIDA loan approvals are concrete examples of our commonwealth's strong business climate and growth."
"The PIDA loans awarded this month will assist seven businesses across the commonwealth purchase and lease land, build and renovate facilities, and obtain new machinery and equipment that will allow them to advance their operations," said Davin. "The growth and success fostered by PIDA loans allow businesses to expand their workforce, thereby further contributing to Pennsylvania's thriving economy."
Over the last month PIDA approved more than $6.6 million in low-interest loans for seven projects in Beaver, Bucks, Chester, Dauphin, Lancaster, Lehigh, and Philadelphia counties that will generate more than $22.8 million in private investments.
Thus far in 2016, PIDA has approved $35.2 million in low-interest loans that have resulted in $70.4 million in private investment and supported 1,350 created and retained full-time jobs.
The following loans were approved over the last month:
Standard Horse Nail Company, LLC, one of the largest domestic producers of machine keys, woodruff keys, taper pins, and other precision fasteners, was awarded a $123,000, 15-year loan at 3 percent to assist with the renovation of 25,000-square-feet of currently unused space in their facility located at 1415 5th Avenue, New Brighton. The total project cost is estimated to be $290,000. It will create four new jobs and retain 24 existing positions.
The Bucks County Economic Development Corporation was awarded a $400,000, 15-year loan at 3 percent on behalf of Quaker City Appliance Service Company, Inc. to construct a 6,500-square-foot building in Bensalem Township to be used for warehouse, distribution, customer service, and administrative operations. The company is an authorized service company for Maytag, Whirlpool, Amana, Kitchen Aid, Jenn Air, Sub Zero, and Wolf. The total project cost is estimated to be $1,200,000. It will create five new jobs and retain 17 existing positions.
The Chester County Economic Development Council was awarded at $378,157, 7-year loan at 3 percent on behalf of Pietro Industries, Inc. to purchase and install a 400 ton chiller system replacement for its facility located at 433 Hillendale Road, Kennett Square. The company produces white button and Cremini mushrooms for distributors. The total project cost is estimated to be $945,393.
The Capital Region Economic Development Corporation was awarded a $1,100,000, 15-year loan at 3 percent on behalf of Classic Rock Fabrication, LLC to purchase the company's currently leased location at 931 Dana Drive, Lower Paxton Township. The company produces custom cut natural stone counter tops for customers such as Just Cabinets, Fine Line Cabinets, and Charter Homes. The total project cost is estimated to be $2,282,200. It will retain 69 existing positions.
The EDC Finance Corporation was awarded a $400,000, 10-year loan at 3 percent on behalf of Energy Wall, LLC, to purchase machinery and equipment for an automated assembly line at their leased facility in Burle Business Park, Lancaster, to accommodate order fulfillment. The company manufactures modular heat exchange components for use in energy recovery ventilator unites in HVAC systems. The total project cost is estimated to be $1,063,940. It will create seven new jobs and retain six existing positions.
Lehigh's Economic Advancement Project, Inc. was awarded a $1,750,000, 15-year loan at 2.25 percent for the first seven years on behalf of Michelman Steel Enterprises, LLC to acquire and renovate a 71,150-square-foot manufacturing facility in Bethlehem. Michelman Steel fabricates structural steel for bridge and large building construction, with customers throughout the Northeast and Mid-Atlantic regions of the country. The total project cost is estimated to be $3,500,000. It will create 17 new jobs and retain 27 existing positions.
The PIDC Financing Corporation was awarded a $2,500,000, 10-year loan at 3 percent on behalf of Yards Brewing Company, LLC to purchase machinery and equipment. The company produces craft beers and anticipates increasing its capacity from the current 60,000 barrels per year to 200,000 barrels per year. The total project cost is estimated to be $13,573,494. It will create 70 new jobs and retain 54 existing positions.
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