Governor Wolf Announces Over $7 Million in PIDA Loan Approvals That Will Support 143 Jobs

Harrisburg, PA – Governor Tom Wolf announced today that new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur statewide development and will create and retain 143 jobs.

“The PIDA loans awarded today support projects throughout the state that will foster business growth and create new jobs for our residents,” said Governor Wolf. “Providing businesses with access to crucial capital is an example of government that works, the result of which will lead to positive effects on the state’s overall economic well-being.”

Over the last month, PIDA approved more than $7 million in low-interest loans for 11 projects in Berks, Bucks, Cumberland, Dauphin, and Indiana counties that will generate more than $12.6 million in private investments.

The following loans were approved during the last month:

Berks County

The Greater Berks Development Fund was approved for six loans at the February meeting:

A $285,000, 15-year loan at 2.25 percent for the first seven years on behalf of Oswaldsmill, Inc., a high-end audio equipment manufacturer, (OMA) to purchase a property at 26 East Locust Street/130 South Walnut Street, Fleetwood, which includes three buildings totaling 43,558 square feet. The purchased property will replace space currently leased. The total project cost is estimated to be $570,000. The project will create five new jobs and retain two existing positions.

A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Barry Shirey for the construction of two 44,100-square-foot turkey houses at his 76-acre farm located at 6359 Boyertown Pike, Douglassville. The total project cost is estimated to be $1,601,536.

A $375,000, 15-year loan at 2.25 percent for the first seven years on behalf of Robert Wolf to acquire a 59-acre farm located at 340 Faust South Road, Bethel, to expand his crop operation. The total project cost is estimated to be $750,000.

A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of David and Cindy Wolfskill to acquire a 76-acre farm located on Lincoln Drive, Wernersville, to be used for crop production to support their dairy herd. The total project cost is estimated to be $800,000.

A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Wanner Farms, LLC to purchase two farms totaling 136 acres located at 15011 Kutztown Road, Kutztown, and 14162 Kutztown Road, Blandon, to continue growing corn and soybeans. The total project cost is estimated to be $800,000.

A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Joshua and Joyce Zimmerman for the construction of two egg laying houses on their 107-acre farm located at 1338-1340 Windsor Castle Road, Hamburg. The total project cost is estimated to be $2,112,000.

Bucks County

The Bucks County Economic Development Corporation was approved for two loans at the February meeting:

A $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Finish Tech Corp, a manufacturer of overlay films and laminates for multiple applications, to acquire and renovate a 19,980-square-foot building on two acres located at 184 Railroad Drive, Ivyland. Renovations will include the installation of a new concrete ramp and safety railing in the loading dock area and demolition and installation of a portion of the building’s sprinkler, HVAC, and electrical systems. The total project cost is estimated to be $1,160,000. It will retain 40 existing positions.

A $340,000, 15-year loan at 3 percent on behalf of Sherwood Steel, Inc., a business that shears sheet metal to contractors’ specifications, to acquire a 30,720-square-foot building at 1431 Ford Road, Bensalem, to accommodate larger inventory and workspace for custom cuts of sheet metal. The total project cost is estimated to be $1,750,000. It will create two new jobs and retain nine existing positions.

Cumberland County

The Cumberland Area Economic Development Corporation was awarded a $200,000, 8-year loan at 3 percent on behalf of Pale, Inc. d/b/a Classic Drycleaners and Laundromats for the purchase and installation of new equipment, including dry cleaning machines, coin operated washers and dryers, and a shirt laundry press at one of the company’s largest facilities located at 254 East High Street, Carlisle. The total project cost is estimated to be $906,256. It will retain 35 existing positions.

Dauphin County

The Capital Region Economic Development Corporation was awarded a $2,045,123, 15-year loan at 2.25 percent for the first seven years with interest only payments for the first two years to acquire and renovate a 313,430-square-foot building located on more than18 acres at 1400 North Cameron Street, Harrisburg. Substantial improvements will be made to the facility to develop a multi-tenant facility. The total project cost is estimated to be $5,112,809.

Indiana County

The Altoona-Blair County Development Corporation was approved for two loans at the February meeting:

A $400,000, 10-year loan at 3 percent on behalf of Robert Gordon Industries, Ltd. d/b/a Gordon Sinclair for the acquisition of equipment to begin operations in Pennsylvania, including digital printing machines and manual drinking machines. The total project cost is estimated to be $1,475,000. Additionally, a $1,448,500, 15-year loan at 3 percent for the purchase and renovation of an existing 63,000-square-foot building located on 4.72 acres at 771 Indian Springs Road, White Township. The total project cost is estimated to be $2,897,000. This is part of a Governor’s Action Team project that will create 50 new 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.

Qualified applicants are eligible to select either a reset rate of 3.00 percent for the first seven years or a fixed rate of 4.00 percent for real estate financing, 4.00 percent fixed rate for equipment loans, 4.00 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through March 31, 2017.

For more information about the Pennsylvania Industrial Development Authority, and other DCED initiatives, visit dced.pa.gov.

MEDIA CONTACTS:
J.J. Abbott, Governor’s Office, 717.783.1116
David Misner, 717.783.1132

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