DCED Announces New Low-Interest Loans Approved by Pennsylvania Industrial Development Authority
Harrisburg, PA– Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of Pennsylvania businesses that are projected to create at least 105 new jobs and retain 171 jobs.
At the July 1 meeting, PIDA approved $4.5 million in low-interest loans for four projects in Berks, Bucks, and Monroe counties that will generate more than $14.6 million in total investments.
“The projects approved by the PIDA board this month are receiving the critical capital needed to support the growth of their companies,” said Davin. “Governor Wolf’s proposed budget includes a much-needed funding increase to the PIDA program, which will provide even more small businesses with the resources they need to take advantage of future growth opportunities.”
In 2015, PIDA has approved million $23 million in low-interest loans that have resulted in more than $49.5 million in private investment and supported over 1,100 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
The PIDA board approved the following loans at its July meeting:
The Greater Berks Development Fund was awarded a $2 million, 15-year loan at 2.25 percent, on behalf of Prizer-Painter Stove Works, Inc. to acquire and renovate a 347,582-square-foot building on 24 acres in Maidencreek Township, approximately six miles from their current location. The new location is the former James Hardie Industries plant, which ceased operation in 2008. Prize-Painter is a manufacture of cast iron stoves. All existing employees will transfer to the new site. Total project cost is projected to $4,303,000, and will create 40 new jobs will retaining 162 existing positions.
Bucks County Economic Development Corporation was awarded a $400,000, 15-year loan at 3 percent, on behalf of Shades of Green, Inc. to acquire and renovate a 109,586-square-foot building in Falls Township, approximately five miles from their current location. The building will allow the company to expand its growing green recycling operation and accept more green waste, which is processed into mulch. The facility will also allow Shades of Green to accommodate more supplies, inventory and a larger staging area for heavy equipment. Total project cost is projected to $3,250,000, and will create two new jobs will retaining nine existing positions.
Bucks County Economic Development Corporation was also awarded an $800,000, 15-year loan at 2.25 percent, on behalf of Jadeite Foods LLC to acquire an existing 13,790-square-foot building in Bensalem Township. An additional $400,000, seven year loan at 3 percent, was awarded for the purchase of new machinery and equipment. This will allow Jadeite Foods to produce higher volumes of tofu products than any other U.S. company east of the Mississippi. The company will market its products mainly to Chinese supermarkets and restaurant distribution centers. Total project cost is projected to be $4,550,000 and will create 24 new jobs.
Pocono Mountains Industries was awarded a $500,000, 15-year loan at 2.25 percent, on behalf of Harmony Labels, Inc. to acquire and renovate an existing 13,790-square-foot building in East Stroudsburg Borough. An additional $400,000, five year loan at 3.25 percent, was awarded for the purchase of new machinery and equipment. This will help create a manufacturing facility to produce pressure sensitive labels for personal care products. The project will include repairs to the roof, electrical system, manufacturing floors and renovations to warehouse and office spaces. Total project cost is projected to be $2,500,000 and will create 39 new jobs.
For more information about the Pennsylvania Industrial Development Authority, visit www.newPA.com.
Lyndsay Kensinger, DCED, 717-783-1132