Pennsylvania DCED: Low-Interest Loans Create New Jobs and Attract Private Investment

HARRISBURG, Pa., Aug. 3, 2011 /PRNewswire-USNewswire/ -- New state investments approved today by the Pennsylvania Industrial Development Authority (PIDA) will enable six companies in Berks, Beaver, Bucks, Lawrence and Westmoreland counties to expand their operations and create and retain over 1,200 jobs.  

"Making strategic investments that help businesses create and protect Pennsylvania jobs is a priority of the Corbett administration," Department of Community and Economic Development Secretary C. Alan Walker said. "The low-interest loans approved today through PIDA are a great example of state government partnering with local organization to support business growth and job creation in our communities."  

PIDA today approved $6.8 million in low-interest loans for six projects, resulting in more than $16 million in additional private investment.   

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 newpa.com.

Media contact: Theresa Elliott, 717-783-1132

Editor's Note: The PIDA board approved the following projects today:  

Berks County
RLC Electronic Systems and ECI Cables Inc. will receive a $1.7 million, 15-year loan at 3 percent, allowing the electronics design and manufacturing companies to retain 29 existing employees and create an additional 20 jobs within the next three years.

At a total project cost of $3.2 million, the companies will construct a new 60,000-square-foot building in South Heidelberg Township. The Greater Berks Development Fund is the sponsoring agency.

Beaver County
Andrews Logistics Inc. /Andrews Logistics TX LP will receive a $550,000, 15-year loan at 3.5 percent allowing the logistics and transportations services company to retain its existing 42 employees and create an additional 15 jobs within the next three years. At a total project cost of $1.1 million, Andrews will acquire and renovate an 11,600-square-foot building in Aliquippa. The Beaver County Corporation for Economic Development is the sponsoring agency.

Bucks County
Moore Energy LLC and PV Racking LLC will receive a $624,000, 15-year loan at 3 percent, allowing the companies to transfer 10 existing employees to the new site and create an additional eight full time jobs within the next three years. At a total project cost of $1 million, the companies will consolidate manufacturing and administration operations into the new 22,703-square-foot facility in Upper Southampton Township. The Bucks County Economic Development Corporation is the sponsoring agency.    

Refrigeration Design and Service Inc. will receive a $1.4 million, 15-year loan at 3 percent allowing the manufacturer of industrial refrigeration systems to transfer its existing 40 employees and create eight new positions within the next three years. At a total project cost of $2.5 million, the company will acquire and renovate an existing building in Falls Township. The Bucks County Economic Development Corporation is the sponsoring agency.    

Lawrence County
The Lawrence County Economic Development Corporation, on behalf of Keystone Compliance LLC, will receive a $522,820, 15-year loan at 3 percent, allowing the company to retain its existing 10 employees and create an additional 15 new positions within the next three years. Keystone Compliance, a compliance testing laboratory, will acquire and renovate an existing building in New Castle. The total project cost is $746,885.  

Westmoreland County
Economic Growth Connection of Westmoreland, on behalf of the Elliott Company, will receive a $2 million, 10-year loan at 3 percent, allowing the company to retain 1,073 existing employees. The Elliott Company, a manufacturer of centrifugal and axial compressors, steam turbines, and turbine generator sets, will construct a new 113,600-square-foot building in Lower Nazareth Township to consolidate operations. The total project cost is $14.7 million.  

SOURCE Pennsylvania Department of Community & Economic Development