Governor Wolf Announces Nearly $2 Million in Funding to Businesses in Bucks, Montgomery and Westmoreland Counties
Harrisburg, PA – Today, Governor Tom Wolf announced nearly $2 million in low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) that will help companies in Bucks, Montgomery, and Westmoreland counties create and retain jobs and expand their operations.
“The funding approved today will have a meaningful impact on communities on either side of the commonwealth—providing local businesses with the support they need to expand their operations and create jobs,” said Gov. Wolf. “The targeted investments we make in projects like these help our businesses and communities and position Pennsylvania as the best place to live and work.”
In 2021, PIDA has approved $7,709,200 in low-interest loans that have resulted in $13,589,410 in private investment and supported 281 created and retained full-time jobs.
The approved projects are as follows:
Lenape Real Estate Partners, LLC, through Bucks County Economic Development Corporation, was approved for a 15-year, $423,000 loan at a 2% fixed interest rate to acquire and renovate a 14,705-square-foot multi-tenant building in Upper Southampton Township. The building is a condominium unit divided into three sections consisting 6,361 square feet of office space and 8,344 square feet of light manufacturing and warehouse space. Renovations to the property include new bathrooms on the first and second floors, an updated entrance, and two large overhead doors to improve access to the building. The total project cost is $1.058 million, and the company anticipates 25 to 30 full-time jobs to occupy the facility once fully leased.
Wearforce North America, LLC, through Bucks County Economic Development Corporation, was approved for 15-year, $420,000 loan at a 1% reset rate to acquire a 22,485-square-foot building in Quakertown Borough. The company, a manufacturer of earthmoving and construction equipment, will continue to occupy its current unit while also expanding into the new unit which will allow for additional warehouse space and office space, used to grow the company’s North American administrative and sales team. The company plans to add four welders/fabricators, one warehouse position, one sales coordinator and one administrative position as a result of this project. The total project cost is $1.4 million, and the company will create seven and retain two full-time jobs within three years.
Edon Composites, LLC, through Bucks County Economic Development Corporation, was approved for a 10-year, $1 million loan at a 1% reset rate to acquire a 58,810-square-foot building on 4.7 acres in Horsham Township. Edon Composites, a manufacturer of architectural fiberglass products, has leased the building for years and has agreed to purchase the property from the current owners. The total project cost is $2,585,000 and the company has committed to retaining 45 full-time employees.
K Castings, Inc., through Economic Growth Connection of Westmoreland, was approved for a 10-year, $123,424 loan at a 1.75% fixed interest rate to replace two melting furnaces. The company, a metal casting manufacturer, has been using two 60-year-old natural gas-fired crucible melting furnaces to melt aluminum and brass, which will be replaced by a more efficient electric lift swing furnace. The new unit will be safer to operate, more efficient, and energy saving. The company will also purchase a tractor, bobcat, and welder. The total project cost is $246,849, and the company has committed to retaining nine full-time jobs.
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.