Governor Wolf Announces New Loan Funding Enabling Businesses to Relocate to, Reopen in Pennsylvania
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for three business projects in two counties that will enable the relocation of businesses into Pennsylvania and will re-open a closed-down limestone mining site. The projects are expected to create nearly 40 full-time jobs.
“Any time that providing access to capital helps companies move here to Pennsylvania, or re-open a shuttered business, it’s a big win for the communities that will benefit from the new jobs the projects will create,” Governor Wolf said. “We will continue to work with businesses that are looking to come here and grow Pennsylvania’s economy.”
In 2018, PIDA has approved $65.5 million in low-interest loans that have resulted in $87.5 million in private investment and supported 3,337 created and retained full-time jobs. This month, PIDA approved a total of just under $2 million in fixed, low-interest loans to projects in Armstrong and Bucks counties.
The following three loans were approved:
Britt Energies Inc., a limestone mining company, was approved for a $400,000, 7-year loan at a 3.75 percent rate through Southwestern Pennsylvania Corporation to enable the reopening of mining operations at the former South Bend Mining limestone mining site in Spring Church that ceased operations in the early 1990s. The funding will be used for the purchase of machinery and equipment. A local outside contractor will surface mine the stone using excavators, dozers, and articulating rock trucks, and a local blasting company will use explosives to fracture the stone so that it can be moved by heavy equipment. The stone will be crushed and manipulated in various sizes for different products. The project is expected to create six jobs and retain three existing jobs over the next three years.
Farm and Oven Snacks, Inc., a manufacturer of healthy bite-sized bakery snacks, was approved for a $275,000, 5-year loan at a 3.75 percent rate through Bucks County Economic Development Corporation for the relocation of the company from Colorado into Warminster Township. The loan funding will be used for the acquisition of food production machinery and equipment and working capital associated with the large-scale production of bakery bites at the Warminster Township location. The project is expected to create eight full-time jobs in the next three years.
Cardolite Corporation, a researcher and developer of cashew nutshell liquid products, was approved for a $1,250,000, 15-year loan at a 2.75 percent rate with a 7-year reset through Bucks County Economic Development Corporation for the purchase of a 32,280-square-foot building in Bristol to be used for the development of new products. This building acquisition will enable the company to relocate from NJ to PA, where it will continue research and development of specialty chemicals. The project is expected to create 25 full-time jobs over the next three years.
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 lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.
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.