LITITZ, Pa., July 29, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today continued his "Jobs that Pay" tour at Versatek Enterprises, LLC, a manufacturer of custom product displays, store fixtures, cabinets, parts and assemblies serving the convenience store and entertainment industries, to highlight Governor Wolf's proposals to reinvigorate Pennsylvania's manufacturing sector and provide additional support to small businesses.
"Governor Wolf is providing unrivaled support to our manufacturers and small businesses," Davin said "His budget provides critical access to capital for businesses, paving the way for more companies like Versatek to continue to thrive."
Governor Wolf's 2015-16 budget provides critical access to capital for small businesses by infusing $100 million into the Pennsylvania Industrial Development Authority (PIDA) through revenue from a commonsense severance tax on gas drilling. By infusing $100 million into PIDA, DCED will mitigate the impact of last year's $180 million transfer out of Small Business First and the Machinery and Equipment Loan Fund, and will make the revamped PIDA program a powerhouse economic development tool, serving the needs of Pennsylvania's job creators.
"Over the past 17 years, Versatek has grown from a small start-up to a vibrant part of the Lancaster County manufacturing sector," said Earl Furman, president and CEO of Versatek Enterprises, LLC. "Our growth and success was possible in part to state financing through Small Business First Fund loans and the capable assistance of the Economic Development Company of Lancaster County staff."
"We are pleased to have Secretary Davin visit Lancaster County and specifically Versatek in Lititz, one of the progressive manufacturing businesses that help to form the foundation for our diverse economy," said Lisa Riggs, president of the Economic Development Company of Lancaster County. "We have a developed a strong relationship with Versatek over the years on numerous projects as they have grown their business."
The governor's budget proposal also includes a $5 million tax credit that will be distributed to manufacturing companies that create good-paying, middle-class jobs. The commonwealth will provide tax credits of up to 5 percent of new taxable payroll to manufacturing companies that increase their annual taxable payroll by at least $1 million over a four-quarter period.
For more information about Governor Wolf's commitment to supporting job creation, visit www.pa.gov/jobs-that-pay.
MEDIA CONTACT: Lyndsay Kensinger - 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development