Pa. DCED Low-Interest Loans Support Small Business Growth in Manufacturing and Agriculture

HARRISBURG, Pa., Oct. 25, 2012 /PRNewswire-USNewswire/ -- The Corbett administration announced today that low-interest loans provided by the state's Small Business First program will support the expansion of a manufacturing facility in Adams County and agricultural facilities in Lancaster, Mifflin and Snyder counties.

"With more than 300,000 small businesses in the state, we have a responsibility to create new opportunities for development and to support the continued success and growth of established businesses," Department of Community and Economic Development Secretary C. Alan Walker said. "These low-interest loans provide small businesses with the critical working capital they need to expand and create jobs."    

The Department of Community and Economic Development's Small Business First loan program will provide $800,000 in low-interest loans to four projects that will support the creation eight new jobs and the retention of 75 existing positions. In total, the investments will result in more than $2 million of private investment.

Since 2011, the program has provided nearly $8.3 million in low-interest loans supporting 49 projects that have committed to creating 112 full-time jobs and retaining 571 full-time positions. The loans will result in an additional $17.7 million of private investment.

"Governor Corbett is working to lower the tax burden and reduce the amount of bureaucratic red tape that is currently impeding small business growth," Walker said. "The governor's pro-growth policies coupled with initiatives like Small Business First will lead to successful small businesses throughout the state."

The Small Business First loan program provides low-interest loans for land and building acquisition, construction, machinery and equipment purchases, and working capital to assist certain businesses with fewer than 100 full-time employees.

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

Media contact:  Theresa Elliott, DCED; 717-783-1132

Editor's Note:  The following Small Business First projects were recently approved by DCED:  

Adams County

GVM Inc., which manufactures spreaders and sprayers used in the agriculture industry, will receive a $200,000 loan for renovations and the installation of a crane system in a leased space in Biglerville. The project is expected to create eight full-time jobs and retain 75 full-time jobs. The company will invest a total of $409,000 to update the site to use for welding and the fabrication of parts.

Lancaster County

R. Gordon and Bertha M. Ziegler will receive a $200,000 loan for the construction of two new chicken houses in Mount Joy.  The Ziegler's will invest a total of $900,000  to construct two 31,500-square-foot houses, which will each hold 36,000 birds, on the farm for their new broiler operation. 

Mifflin County

RM Snyder Hog Farm LLC and Snyder Family Farms LLC (borrower and co-borrower respectively) received a $200,000 loan for the construction of a new 40,880-square foot hog finishing barn in Lewistown. The company will invest a total of $1 million to finance the construction of the hog finishing barn, excavation costs, water and sewer costs, and other related costs including fees and contingencies. 

Snyder County

Jonathan J. Hoffman and Sherrie A. Hoffman will receive a $200,000 Small Business First loan to construct a 28,800-square-foot pullet house. The Hoffman's will make a total investment of $494,000 to construct the hen house on the borrower's existing farm property in Perry Township.

SOURCE Pennsylvania Department of Community & Economic Development