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United States : Corbett Administration Announces Low-Interest Loans Approved by Pennsylvania Industrial Development Authority.

Low-interest loans approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of two Pennsylvania businesses that are projected to create 38 new jobs throughout the commonwealth.

Governor Corbett made a commitment to break down the barriers that inhibit job creation and he has made good on his promise, said DCED Secretary C. Alan Walker. Today we are proud to announce the first round of low-interest loans approved through the newly streamlined approval process and the 38 new jobs being created.

At its December meeting, PIDA approved two loans through the Small Business First fund. The Greater Berks Development fund will receive a $301,176, 7-year, low-interest loan at 1.75 percent on behalf of Appeeling Fruit, Inc. Appeeling Fruit, Inc., a fresh apple producer, will purchase three new vertical fill packaging machines along with baggers and scales for each machine at their site in Centre Township, Berks County. The project will cost more than $750,000 and the company will create 16 new jobs and retain 45 more positions.

The Bucks County Economic Development Corporation will receive a $200,000, 7-year, low-interest loan at 1.75 percent on behalf of Griff and Associates, L.P., a manufacturer of specialty papers and film, will purchase equipment as part of the company s expansion to improve capacity and performance at their site in Falls Township, Bucks County. The project will cost more than $630,000 and the company will create 22 new jobs and retain 64 more positions.

In Oct. 2014, Gov. Tom Corbett signed House Bill 1550, legislation to create a streamlined process for Pennsylvania business financing needs. The legislation consolidates the Small Business First (SBF), Community Economic Development (CED), Export Financing (EFP), Pollution Prevention Assistance Account (PPAA) and Machinery and Equipment Loan Fund (MELF) programs into PIDA to create a single point of entry to support a number of business growth needs including: site development, infrastructure improvements, machinery and equipment acquisition, and capital for small businesses and entrepreneurs.

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, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

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Publication:Mena Report
Date:Dec 5, 2014
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