HARRISBURG, Pa., Nov. 2, 2016 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin announced today that new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur development in the commonwealth and create 78 jobs.
"The low-interest loans provided to small business and entrepreneurs through the PIDA program help them reach goals by providing capital for site development, infrastructure improvements, and equipment acquisition," said Governor Wolf. "Not only does this support benefit the loan recipients, however; it also promotes Pennsylvania's overall economic well-being and often leads to the creation and retention of jobs for our residents."
Over the last month PIDA approved $1.6 million in low-interest loans for two projects in Berks and Franklin counties that will generate more than $3.1 million in private investments.
"The PIDA loans approved this month represent significant opportunities for Pennsylvania businesses to grow and prosper," Davin said. "As a result, 78 people will also be presented with the opportunity to hold new, full-time employment."
Thus far in 2016, PIDA has approved $45.2 million in low-interest loans that have resulted in $97 million in private investment and supported 1,764 created and retained full-time jobs.
The following loans were approved over the last month:
Greater Berks Development Fund was approved for a $100,000, 10-year loan at 2 percent to assist on behalf of Suburban Testing Labs, Inc. for the purchase of energy efficient HVAC equipment for its operating facility located at 1037F MacArthur Road, Reading. The company is a fully accredited environmental laboratory specializing in drinking water, wastewater, and solid analysis.
The Franklin County Area Development Corporation was awarded a $1,500,000, 15-year loan at 2.25 percent for the first seven years on behalf of Cumberland Valley Analytical Services, Inc. for the acquisition, expansion, and renovation of a 30,000-square-foot building on six acres in Washington Township. The company is a full-service laboratory which focuses primarily on the analysis of forage and feed nutritional analysis for the dairy industry. The total project cost is estimated to be $4,625,000. This is part of a Governor's Action Team project and will create 78 new 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.
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 percent for real estate financing, 3 percent fixed rate for equipment loans, 3 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through December 31, 2016.
MEDIA CONTACT: David Misner, 717-783-1132
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SOURCE Pennsylvania Department of Community & Economic Development