Governor Wolf Announces Business Investments Through Pennsylvania Industrial Development Authority, Supporting 185 Jobs
Author: Heidi Havens
Harrisburg, PA – Governor Tom Wolf announced today that new statewide investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur development in the commonwealth and create and retain 185 jobs.
“From the nation’s oldest family-owned candy maker to a company whose security services protect our schools, this month’s PIDA loan approvals provide funding to support projects from a variety of fields that will contribute to their ability to grow and maintain successful operations,” said Governor Wolf. “In addition, these projects will create and retain 185 new jobs across the commonwealth that will further contribute to Pennsylvania’s economic stability.”
In 2017, PIDA has approved $12.4 million in low-interest loans that have resulted in $20.4 million in private investment and supported 240 created and retained full-time jobs.
Over the last month PIDA approved $1.87 million in low-interest loans for four projects in Beaver, Bucks, Lancaster, and Mifflin counties that will generate nearly $3.4 million in private investments.
The following loans were approved over the last month:
The Beaver County Corporation for Economic Development was awarded a $400,000, 10-year loan at 3 percent on behalf of Creekside Springs, LLC for the purchase of machinery and equipment for the expansion of its production lines at its facility at 100 Blockhouse Run Road, New Brighton. The company is a private label and contract packager of water-based beverages serving large supermarkets, specialty retailers, and food service distributors. The total project cost is estimated to be $1.45 million. It will create two new jobs and retain 20 existing positions.
The Bucks County Economic Development Corporation was awarded a $600,000, 15-year loan at 2.25 percent for the first seven years on behalf of Access Security Corp. for the acquisition and renovation of a 20,000-square-foot building on 1.5 acres located at 1025 Thomas Drive, Warminster. The company is a provider of integrated security services for commercial customers, including school districts, colleges and universities, and large health facilities. The total project cost is estimated to be $1,889,000. It will create two new jobs and retain 21 existing positions.
The EDC Finance Corporation was awarded a $720,000, 15-year loan at 3 percent for the first seven years on behalf of RLB ventures, Inc. d/b/a Bench Dogs for the acquisition of a 30,400-square-foot building on 2.17 acres located at 68 Denver Road, Denver. The company offers design and engineering services for customers’ marketing infrastructure and manufactures store fixtures, point of purchase displays, and custom commercial casework. The total project cost is estimated to be $1.6 million. It will create five new jobs and retain 55 existing positions.
The Mifflin County Industrial Development Corporation was awarded a $150,000, 15-year loan at 2.25 percent for the first seven years for the renovation of two buildings totaling 113,000 square feet located within the MCIDC Business Center at 19 East Susquehanna Street, Lewistown. The facility houses Asher’s Chocolates which is the oldest family-owned candy maker in the United States, manufacturing various types of chocolate covered candies. The total project cost is estimated to be $300,000. It will create five new jobs and retain 75 existing positions with Asher’s Chocolates.
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 percent for the first seven years or a fixed rate of 4 percent for real estate financing, 4 percent fixed rate for equipment loans, 4 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through March 31, 2017.
J.J. Abbott, Governor’s Office, 717-783-1116
David Misner, DCED, 717-783-1132
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