Governor Wolf: New Low-Interest Loans Awarded to Support Business Expansion and Job Creation in Four Pennsylvania Counties
Harrisburg, PA – Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to help four growing businesses in Berks, Lawrence, Luzerne, and Westmoreland counties.
“My administration remains committed to investing in businesses that want to succeed here in Pennsylvania,” said Gov. Wolf. “The PIDA loans approved today will support companies as they expand, hire new employees, and boost the economies of their surrounding communities.”
In 2021, PIDA has approved $42,755,382 in low-interest loans that have resulted in $98,240,924 in private investment and supported 1,811 created and retained full-time jobs.
The approved projects are as follows:
Van Industries Inc., through the Greater Berks Development Fund, was approved for a 10-year, $795,175 loan at a 2.5 percent fixed interest rate to purchase a new fiber high speed laser cutter to meet increased customer demand. The new laser cutter will allow the company to expand production and greatly improve productivity and efficiency compared to the outdated laser cutter currently being used by the company. The company offers metal fabrication, welding, laser cutting, CNC precision engineering, powder and ceramic coatings, and abrasive cleaning services. The total project cost is $1,590,350 and Van Industries Inc. has committed to create five, new full-time jobs and retain 25 current positions within three years.
The Regional Industrial Development Corporation (RIDC) Southwestern PA Growth Fund, through the RIDC of Southwestern PA, was approved for a 15-year, $2.25 million loan at a 2.5 percent fixed interest rate to acquire 247 acres for the development of an industrial park located at Route 422 and Baird Road, Mahoning Township, Lawrence County. Additional costs include those related to infrastructure/redevelopment including new roadways, utilities, stormwater management, earthmoving, fine and rough grading, and placement of erosion and sediment controls. The total project cost is $3 million.
A very active developer in the Pittsburgh metropolitan area, the RIDC Southwestern PA Growth Fund has had 23 prior PIDA industrial park loans approved.
The Greater Hazleton Community Area New Development Organization, Inc. (CAN DO) was approved for a 15-year, $2 million loan at a 1.5 percent variable interest rate to construct a 47,000-square-foot single tenant manufacturing facility, on 12.83 acres at 128 Corporate Drive, Drums, Butler Township, Luzerne County. Construction is expected to be completed by late summer 2022, with single tenant Amapharm, LLC, occupying the facility by September 2022. Formed in August 2021, the Pennsylvania corporation is a U.S. subsidiary of German pharmaceutical company Amapharm GmBh. The total CAN DO project cost is $7,228,793. Amapharm will create 50 full-time jobs within three years.
CAN DO, which has fostered economic activity in the region as a developer, builder, landlord, facilitator, and utility provider, has had seven prior PIDA loans.
Wyatt Inc., through the Economic Growth Connection of Westmoreland, was approved for a 15-year, $2 million loan at a 1.5 percent reset interest rate to construct a 132,053-square-foot manufacturing facility on approximately 20 acres located at Lot #18 I-70 Industrial Park, 1172 Glacier Drive, Smithton, South Huntingdon Township, Westmoreland County. The one-story manufacturing building, which will be adaptable to a number of light industrial uses, will include 7,000-square-feet of office space along with a 125,053-square-feet production and warehouse area. The facility will be used for manufacturing exterior wall panels and architectural millwork. There will also be several lean-tos that will house a spray booth, finish shop, tool storage, and maintenance area. The total project cost is $13,058,500 and Wyatt Inc. has committed to create 15 new, full-time jobs and retain 85 current positions within three years.
For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development initiatives, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.