Governor Wolf Announces Statewide Development, New Jobs Through Pennsylvania Industrial Development Authority Approvals
Author: David Misner
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 creation and retain more than 95 jobs.
“The PIDA program helps Pennsylvania’s small businesses and entrepreneurs succeed by providing low-interest loans to aid with site development, infrastructure improvements, and equipment acquisition,” said Governor Wolf. “Coupled with significant private investments, the PIDA loans make projects possible that often also lead to the creation and retention of jobs across the commonwealth. I’m pleased to announce that this month’s approvals will create and retain a total of 97 jobs.”
Over the last month, PIDA approved $5.3 million in low-interest loans to support four projects in Allegheny, Blair, Erie, and Lancaster counties that will generate more than $8.2 million in private investments. These investments are the first approved in 2017. In 2016, PIDA approved $48.2 million in low-interest loans that resulted in $103.5 million in private investment and supported 1,868 created and retained full-time jobs.
The following loans were approved over the last month:
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $2.25 million, 15-year loan at 2.25 percent for the first seven years for the renovation of the Commonwealth Manor 2 building on approximately 10 acres of the RIDC Thorn Hill Industrial Park located at 100-120 Marshall Drive, Warrendale. The building is divided into 12, 5,025-square-foot units. The total project cost is estimated to be $4.5 million.
The Southern Alleghenies Planning and Development Commission was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years on behalf of Fine Line Cabinets, Inc. for the construction of a new, 22,500-square-foot facility located on 58 acres at 753 Locke Mountain Road, Hollidaysburg. The company is a specialty millwork cabinet shop that produces kitchen cabinets, bathroom cabinets, custom shelfing moldings, trim, and flooring. The total project cost is estimated to be $1,679,000. It will create two new jobs and retain 12 existing positions.
The Enterprise Development Center of Erie County, Inc. was awarded a $2.25 million, 15-year loan at 3 percent on behalf of Velocity Network, Inc. to assist with the purchase and renovation of a currently vacant, four story office building located at 119-121 West 10th Street, Erie. The company, a provider of IT solutions and support, will relocate its headquarters to the renovated building. The total project cost is estimated to be $5,300,704. This is part of a Governor’s Action Team project that will create 30 new jobs and retain 53 existing positions.
The EDC Finance Corporation was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years on behalf Linford and Jennifer Hershey for the construction of two egg layer houses on their 51.59 acre farm in Christiana. The total project cost is estimated to be $2,035,000.
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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