Secretary Davin Continues ‘Jobs That Pay’ Tour at Chemical Solutions Ltd., Highlighting Wolf Administration’s Commitment to Supporting Small Businesses
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin continued the ‘Jobs that Pay’ tour at Chemical Solutions Ltd. (CSL), a heavy metals testing company, highlighting Governor Tom Wolf’s commitment to supporting small businesses.
“Governor Wolf remains committed to small business through initiatives like the PIDA program that can help small businesses obtain the critical, and sometimes difficult to obtain, capital needed to get off the ground and competitive,” Secretary Davin said. “Chemical Solutions is a great success story for small business here in Pennsylvania.”
In 2015, Governor Wolf announced the approval of a low-interest loan for CSL through the Pennsylvania Industrial Development Authority (PIDA) to support the company’s continued growth. PIDA, an independent authority staffed and regulated through DCED, is one of several ways in which the Wolf Administration is breaking down barriers and increasing access to capital that enables small businesses to grow and thrive. This year alone, PIDA has approved $31.7 million in low-interest loans that have resulted in $149 million in private investment and supported 1,422 created and retained full-time jobs.
CSL had outgrown its previous facility and needed a larger space which would accommodate both current and future growth. It also needed to set up a fully functional lab in that space. Both of these expenses required funding, which is where PIDA assisted.
“PIDA stepped in to provide valuable assistance,” said Brian LaBine, president of CSL. “Via its loan program, which provided attractive, fixed-rate funding, we were able to build out the new space, purchase the required instrumentation for the new lab, and complete our move without missing a sample testing deadline in the process. Since the move, we have grown by nearly 50 percent, hired additional staff, and flourished in our new space. PIDA’s funding, quite simply, was a big part of making that all possible.”
The Capital Region Economic Development Corporation (CREDC) facilitated and received the loan on behalf of CSL before distributing it to the company. “CREDC enjoyed working with Chemical Solutions to help make the building on 7th Street in Harrisburg their home,” said Melissa Stone, vice president of economic development at CREDC. “Through the PIDA loan program, CREDC provided low interest funds to support the company’s investment in real estate and advanced laboratory equipment. Chemical Solutions is a dynamic company focused on growing product lines and creating jobs. It was a great experience working with Brian and his talented and driven business team.”
The Pennsylvania Industrial Development Authority is currently offering qualifying businesses loans at a 2 percent interest rate, fixed for the full term of the loan. Details about the PIDA program can be found here. For more information about DCED and its programs, visit dced.pa.gov and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.
Michael Gerber, DCED, 717.783.1132