HARRISBURG, Pa., Sept. 15 /PRNewswire-USNewswire/ -- The Commonwealth Financing Authority today approved nearly $6.3 million in low interest loans that will help farmers and tourism-related businesses across the state expand, purchase new equipment and build new facilities that will improve their operations.
The CFA-approved state investments in Pennsylvania's two largest industries—agriculture and tourism—include nearly $4.2 million in loans and $654,000 in loan guarantees. Another $1.4 million loan was approved through the state's Building PA program to renovate an existing building in Allegheny County that will then be marketed to industrial companies.
Overall, the state's investment will benefit 15 different projects and leverage more than $9.1 million in private support.
"These investments demonstrate the commonwealth's continued commitment to support two of our largest industries: agriculture and tourism," said Department of Community and Economic Development Secretary Austin Burke. "Today's investments will encourage job growth, and business development and expansion in rural communities."
Most of the approved funding comes from the state's First Industries program, which provides loans, loan guarantees and grants to strengthen the state's agriculture and tourism industries.
Building PA provides capital for real estate developers in small and mid-sized communities.
For more information, call 1-866-466-3972 or visit www.newpa.com.
Theresa Elliott, DCED; 717-783-1132
Michael Smith, Governor's Office; 717-783-1116
Editor's Note: The projects approved by the Commonwealth Financing Authority are listed below:
Zeigler Bros Inc. received a $200,000 First Industries agriculture loan toward the $490,922 purchase of new equipment in East Berlin.
Regional Industrial Development Corp. received a $1.4 million Building PA loan to renovate the East Shop of Keystone Commons in East Pittsburgh. The East Shop is an existing 300,000-square-foot building RIDC plans to renovate for lease to mid- to large-sized industrial companies.
C.P. Yeatman & Sons Inc. received a $358,000 First Industries loan for the $716,000 purchase of machinery and equipment for its farming operations in West Grove.
John and Diane Stamy received a $200,000 First Industries agriculture loan toward the $650,000 purchase of a 100-acre farm in Mechanicsburg.
The FC Pennsylvania Stadium LLC received a $500,000 First Industries machinery and equipment loan for the $1 million purchase of equipment for a video production control room in Chester.
Patricia McDowell, doing business as Elk Country Store, will receive a $100,000 First Industries tourism loan toward the $273,500 purchase of real estate in Weedville to be used as a gift shop, coffee shop and deli.
Buena Vista Ventures Inc., doing business as Wilcox Tannery House and Elkco Holdings LLC, received a $60,000 First Industries tourism loan toward the $120,000 purchase and renovation of a property that will be used as a restaurant and inn in Wilcox.
Robert and Andrea Brubaker Jr. received a $155,000 First Industries agriculture loan for the construction of a $310,000 broiler house in Manheim.
Chickies Creek Farm LLC received a $418,390 First Industries machinery and equipment loan for the $1.1 million purchase of a roof-mounted 226.8 kW grid-tied solar photovoltaic system for the farm's four-building complex in Mount Joy.
Joel and Jaclyn Frey and Craig and Cynthia Frey received a $160,000 First Industries agriculture loan toward the $320,000 purchase of a 29-acre farm in Conestoga.
Brubaker and Kuhn Inc. received a $200,000 First Industries agriculture loan toward the $641,300 construction of a new facility in Lebanon.
Wen-Crest Farms LLC received a $302,318 First Industries machinery and equipment loan toward the $604,636 purchase of new equipment for the renovation and installation of broiler houses in Lebanon.
Brent and Rachel King received an 80 percent First Industries guarantee on a $154,000 loan from AgChoice Farm Credit, which will help finance the construction of a poultry layer barn.
Mervin and Arlene Martin received a 90 percent First Industries guarantee on a $500,000 loan from AgChoice Farm Credit, which will be used to pay for the construction of a 78-foot x 201-foot, 4,800-head nursery hog barn.
David Kadagishvilli, doing business as Chef Dato, received a $110,000 First Industries tourism loan toward the $223,000 purchase of a building to be used as a restaurant in Latrobe.
SOURCE Pennsylvania Department of Community & Economic Development