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PIDA APPROVES BONUS FOR FIRMS CREATING HIGH QUALITY JOBS

 PIDA APPROVES BONUS FOR FIRMS CREATING HIGH QUALITY JOBS
 HARRISBURG, Pa., Aug. 5 /PRNewswire/ -- As part of the state's


comprehensive strategy to improve business competitiveness, the Pennsylvania Industrial Development Authority today agreed to provide a bonus to companies creating higher paying jobs.
 The action is another step in restructuring the state's key economic development financing program.
 Currently, a firm is eligible for up to $15,000 in low-interest PIDA financing for each job created. Under the bonus provision, a firm would be eligible for an additional $5,000 per job created for top paying jobs.
 "While every job is important, Pennsylvania is preparing to compete even harder for the jobs that will offer our people better wages and a better quality of life," Gov. Robert P. Casey said.
 To be eligible for the bonus, a manufacturing firm creating new jobs would have to pay wages in the top third of those paid by all manufacturers in an individual county.
 Secretary of Commerce Andrew T. Greenberg, who serves as chairman of the PIDA board, said the job creation bonus plan will support efforts to bring new higher paying jobs to the state.
 "The plan will help support home-grown businesses making new investments as well as other firms looking to locate in Pennsylvania," Greenberg said. state.
 "This is another step in our efforts to follow Casey's charge to make our economic development programs responsive to the challenges of new economic times. That means fighting harder to keep existing businesses, to attract quality firms and to support our distressed communities."
 The bonus plan is the latest change as a result of a year-long study of the Department of Commerce's key business assistance programs by the Corporation for Enterprise Development (CfED), a Washington-based non- profit research and policy firm.
 The state's business competitiveness strategy has drawn national attention with a recent article in BusinessWeek magazine stating, "Pennsylvania's package of initiatives stands out as the most comprehensive policy effort yet."
 As the state's principal economic development agency, the Department of Commerce manages low-interest loan and grant programs that provide about $200 million annually for businesses.
 Earlier this year, Casey called on PIDA to do more to take care of Pennsylvania businesses.
 In February, the board agreed to set aside $20 million in low- interest financing to fund job retention projects and provide increased support for in-state businesses. The action for the first time redirected a portion of PIDA resources to retain existing manufacturing jobs. In the past, PIDA has been limited to funding job creation projects.
 Since implementing the job retention program in April, the board has approved six such loans.
 /delval/
 -0- 8/5/92
 /CONTACT: Ron Jury of the Department of Commerce, 717-783-1132/ CO: Department of Commerce; Pennsylvania Governor's Office ST: Pennsylvania IN: SU:


JS -- PH036 -- 7276 08/05/92 16:51 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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