Low-Interest Loans Attracting $1.8 Million in Private Investment
HARRISBURG, Pa., Oct. 6 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Austin Burke today said new state investments will help a custom sign manufacturer consolidate operations in Bucks County, and help a candy maker expand and create new jobs in Philadelphia.
"Making strategic investments in small businesses that create jobs is a sound strategy for the commonwealth," Burke said. "The low-interest loans the state has approved through the Pennsylvania Industrial Development Authority encourages business creation, expansion and relocation, and creates new jobs."
The Pennsylvania Industrial Development Authority today approved $2.2 million for two projects that will leverage more than $1.8 million in private investment.
One of the approved projects was a $1.7 million, 15-year loan at 3 percent to Imageone Industries Inc., which manufactures corporate custom signage and identity solutions.
The $2.8 million project, sponsored by the Bucks County Economic Development Corp., will increase efficiency by consolidating the company's operations into a new 50,220-square-foot facility in Bensalem. Imageone Industries Inc. is expected to retain 47 employees and create 18 new jobs within the next three years.
Zitner Candy Corp., a candy manufacturer specializing in Easter candy and chocolate covered pretzels, will receive a $520,000, 15-year loan at 3 percent to acquire and modernize an existing building in Philadelphia. The $1.3 million project will allow the 90-year-old company to retain its existing 10 employees and create an additional 19 jobs at the plant within the next three years. The PIDC Financing Corp. is the sponsoring agency.
The Pennsylvania Industrial Development Authority provides capital for infrastructure acquisition, creation and renovation, 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, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development