DCED: Low-Interest Loans Attracting More Than $4 Million in Private Investment to Boost Economic Growth, Create New Jobs

HARRISBURG, Pa., April 7, 2011 /PRNewswire-USNewswire/ -- The Pennsylvania Industrial Development Authority (PIDA) has approved $3.3 million of low-interest loans for four projects that will leverage more than $4 million in private investments.

New state investments will provide capital for the relocation of an international company to McKean County and will help companies from Blair, Bucks and Montgomery counties expand and create jobs, Department of Community and Economic Development acting Secretary C. Alan Walker said.  

"Providing capital to businesses for the creation, location or retention of jobs is crucial to the economic success of Pennsylvania," Walker said. "Our latest investment through the Pennsylvania Industrial Development Authority will bring close to 100 good-paying, family-sustaining jobs to Pennsylvania."

One project approved today is a $1 million, 15-year loan at 3.25 percent to Luminite Products Corporation to construct a new building in Foster Township. The $3 million project will allow Luminite to transfer 60 employees from its existing location in Salamanca, New York to a new, 43,280-square-foot facility in McKean County. The North Central Enterprises, Inc. is the sponsoring agency.

Luminite Products Corporation manufactures laser-engraved flexographic print cylinders, sleeves and plates that are used to print flexible packaging, paperboard, wallpaper and many other items.

The PIDA board also approved:

• A $687,000, 15-year loan at 3.25 percent to Irene's Bakery and Gourmet Kitchen, Inc., which specializes in all natural and kosher bakery goods and prepared food products, to acquire and renovate an existing building in Bensalem Township. The $1.1 million project, sponsored by the Bucks County Economic Development Corporation, will allow the company to move a portion of its operation to the 22,152-square-foot facility.  The company plans to move its 10 existing employees to the new site and create an additional 10 jobs within the next three years.
• A $1.3 million, 15-year loan at 3.25 percent to Blair Candy Company, Inc. to acquire and renovate a 47,867-square-foot facility in Altoona. The $2.4 million project will provide Blair Candy with eight docks and approximately 23,000-square-feet of additional warehouse space, which will allow the company to increase product selection and improve efficiency. The project is sponsored by the Altoona-Blair County Development Corporation.  
• A $340,000, 15-year loan at 4.25 percent to Montgomery County Industrial Development Corporation to acquire an existing building in Montgomery Township. The $850,000 project will allow TEK I.D., Inc. to purchase the 14,880-square-foot building it currently leases in order to expand and consolidate operations at the facility. The company, which manufactures cogeneration identification labels, signs, tags and markers used in pharmaceutical and chemical industries, plans to relocate its 13 existing employees to the new facility and add an additional three new jobs within the next three years.

PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

For more information about economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.

Media contact: Theresa Elliott, +1-717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development