HARRISBURG, Pa., Oct. 5, 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 statewide development projected to create and retain 114 jobs throughout the commonwealth.
"Through the approval of six low-interest loans this month, the PIDA board has supported the creation and retention of private sector jobs throughout the commonwealth," said Governor Wolf. "By providing access to crucial capital, the PIDA program supports Pennsylvania businesses' continued growth and prosperity. This program is government that works in action."
Over the last month PIDA approved more than $3.3 million in low-interest loans for six projects in Franklin, Lancaster, Mercer, Tioga, and Westmoreland counties that will generate more than $13.8 million in private investments.
"Many industry sectors are eligible to receive PIDA funding, as can be seen in this month's loan approvals, which include manufacturing, agricultural, logistic, and hospitality enterprise recipients," said Davin. "To meet Pennsylvania businesses' needs, acceptable uses of PIDA funding are also broad, spanning from land and building acquisitions, to machinery and equipment purchase, and working capital."
Thus far in 2016, PIDA has approved $41.9 million in low-interest loans that have resulted in $86.7 million in private investment and supported 1,650 created and retained full-time jobs.
The following loans were approved over the last month:
The Franklin County Area Development Corporation was awarded a $1,350,000, 15-year loan at 3 percent on behalf of Franklin Storage, LP for the acquisition of a 60,000-square-foot building on 10.3 acres in Chambersburg to service its non-rail accounts. The company is a full-service logistics company that provides warehousing, transportation, and supply chain solutions. The total project cost is estimated to be $2,720,000. It will retain 56 existing positions.
The EDC Finance Corporation was approved for two loans at the October meeting:
- A $275,000, 15-year loan at 3 percent on behalf of Refreshing Mountain Camp, Inc. for the renovation of existing on-site amenities including, a pool, bathhouses, and bunkhouses, and the construction of an Escape Room. The company operates a retreat destination in Clay Township. The total project cost is estimated to be $558,044. It will create two new jobs and retain 17 existing positions.
- A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Brandon R. and Jennifer C. Barry to construct two cage-free layer houses in West Cocalico Township that will each hold approximately 20,000 birds. The total project cost is estimated to be $1,400,000.
The Penn-Northwest Development Corporation was awarded a $700,000, 10-year loan at 3 percent on behalf of Austin Rubber Company LLC to build a manufacturing plant in Greenville. The company is a startup that plans to manufacture recycled rubber using a patented solvent-based rubber devulcanization process. The total project cost is estimated to be $6,635,000. It will create 21 new jobs.
The Tioga County Development Corporation was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of David W. and Joy L. Metzler to construct a poultry facility in Delmar Township that will house 40,000 breeding hens and roosters to provide fertilized egg embryos for a contract with Hendrix-ISA, LLC. The total project cost is estimated to be $1,805,000.
The Economic Growth Connection of Westmoreland was awarded a $246,000, 15-year loan at 3 percent on behalf of Tucker Auto-Mation Supply PA, LLC to move operations to a new building located at 11075 Parker Drive, North Huntington Township. The company manufactures and installs automated door systems for industrial and commercial uses. The total project cost is estimated to be $615,000. It will create six new jobs and retain 12 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 December 31, 2016.
MEDIA CONTACT: David Misner, 717-783-1132
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SOURCE Pennsylvania Department of Community & Economic Development