DCED Announces New Low-Interest Loans Approved by Pennsylvania Industrial Development Authority
Author: Lyndsay Kensinger
Department of Community and Economic Development Secretary Dennis Davin today announced new state investments approved by the Pennsylvania Industrial Development Authority (PIDA) that support the continued growth of Pennsylvania businesses and are projected to create and retain a total of 68 jobs throughout the commonwealth.
At its June meeting, PIDA approved nearly $1.24 million in low-interest loans for five projects in Armstrong, Berks, Lancaster, Northumberland, and Snyder counties that will generate more than $4.7 million in total investments.
“The projects approved today will provide companies with the critical access to the essential funding necessary for small business growth,” said Davin. “The governor’s budget includes a significant increase to the Pennsylvania Industrial Development Authority for business development loans supported by revenue from the severance tax on drilling, to continue to support economic development initiatives that leverage private sector funds to create jobs.”
In 2015, PIDA has approved $19.79 million in low-interest loans that have resulted in $38.45 million in private investment and supported 960 created and retained jobs.
The PIDA board approved the following loans in June:
The Southwestern Pennsylvania Corporation was awarded a $400,000, 15-year loan at 3 percent, on behalf of CWM Environmental, Inc. and Armstrong Nutritional Management, Inc. to construct a building in West Kittanning Borough that will consolidate operations of both companies into one location and provide space for CWM Environmental, Inc. to expand. Total project cost is projected to be $2,049,890 and will create 10 new jobs while retaining 52 existing jobs.
The Greater Berks Development Fund was awarded a 15-year real estate loan at 2.25 percent for $163,000 and a 10-year machinery and equipment loan at 3 percent for $77,000, on behalf of Reading Soda Works and Carbonic Supply, Inc. for the purchase of the manufacturing facility, equipment, and inventory from Reading Draft Soda and Universal Carbonic Gas. Total project cost is projected to be $1,102,970 and will create two new jobs while retaining four existing jobs in Reading.
The EDC Finance Corporation was awarded a $200,000, 12-year loan at 2.25 percent, on behalf of Michael L. and Heather D. Lewis for construction costs associated with building 54-feet by 600-feet broiler house in East Donegal Township. Total project cost is projected to be $425,000.
The SEDA-Council of Governments was awarded a $200,000, 15-year loan at 3 percent, on behalf of Pine Hurst Acres, a family-owned and operated business, to purchase a 157-acre tract of farm land in Upper Augusta Township. Total project cost is projected to be $500,000. Snyder County The SEDA-Council of Governments was awarded a $200,000, 15-year loan at 2.25 percent, on behalf of Kevin E. and Valerie S. Fry for the construction of a hog nursery barn. Total project cost is projected to be $650,000 and is expected to begin operation in 2015.
Lyndsay Kensinger, DCED; 717.783.1132