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United States : Governor Wolf Announces New Approvals for Low-interest Loans to Support 23 Small Business Projects and Nearly 400 New Jobs.

Today, Governor Tom Wolf announced new low-interest loan approvals made by the Pennsylvania Industrial Development Authority (PIDA) program for 23 small business projects in 13 counties across the commonwealth that will help create nearly 400 new jobs within three years.

When we offer fiscally responsible support for small businesses and established companies alike in the private sector, we enrich economic opportunity for all Pennsylvanians, said Governor Wolf. Pennsylvanias business climate has never been stronger. Through our comprehensive economic development initiatives, we are attracting companies and creating jobs in manufacturing, agriculture, logistics, energy, and other businesses and helping families and communities to achieve success.

Thus far in 2017, PIDA has approved $41 million in low-interest loans that have resulted in $170 million in private investment and supported 1,859 created and retained full-time jobs.

Over the past two months, PIDA approved a total of more than $25.6 million in fixed, low-interest loans to 23 projects in Bedford, Berks, Bucks, Centre, Dauphin, Fayette, Lancaster, Lebanon, Lehigh, Luzerne, Somerset, Tioga and Westmoreland counties that will generate more than $28 million in matching capital investment.

The following loans were approved:

Bedford County

Lincoln Highway Farms LLC was approved for a $400,000, 12-year term loan at a fixed 2 percent rate through Southern Alleghenies Planning & Development Commission to assist in the construction of a 40,882-square-foot hog finishing barn on 172 acres on Turner Camp Road in Napier Township. The barn will house 4,800 hogs. Lincoln Highway Farms, co-owned by Carl Egolf and his son, Adam, is entering into the hog farming industry and has secured a contract with Country View Family Farms.

550 Sunnyside Road, LLC was approved for a $2,250,000, 10-year term loan at a fixed 2 percent rate through Bedford County Development Association to assist in the acquisition of a 470,000-square-foot multi-tenant building located on 37.85 acres on Sunnyside Road in Bedford Township. The new owner will maintain existing on-site tenant lease agreements with Pomps Tire Service, Defiance Metal Products, and Kennametal.

TMW Candies LLC was approved for a $400,000, 15-year term loan at a fixed 2 percent rate through Bedford County Development Association to assist in the construction of a new 10,080-square-foot building on 5 acres on William Penn Road in East St. Clair Township. The new building will enable the company, which was founded in Bedford in 1929, to increase production capacity, retain seven full-time jobs and create four full-time jobs within three years.

Berks County

Good Life Financial Group LLC was approved for a $1,357,500, 15-year term loan at a fixed 2 percent rate through Greater Berks Development Fund to assist in the acquisition and renovation of 24,000-square-foot building on Lancaster Pike in Cumru Township. The project will help enable the company, which has 11,000 customers nationwide, to retain 28 current employees and create 73 full-time jobs within three years.

Bucks County

PURO-TEC Ltd. was approved for a $365,000, 15-year term loan at a 2 percent fixed rate through Bucks County Economic Development Corporation to assist in the purchase and renovation of an 18,051-square-foot building on Wicker Avenue in Bensalem. PURO-TEC is a full-service construction company specializing in emergency services and loss mitigation caused by fires, floods and other disasters affecting residential and commercial properties. The company has committed to retaining 14 full-time jobs as a result of this project.

Tyger Scientific, Inc. was approved for a $400,000, 12-year term loan at a 2 percent fixed rate through Bucks County Economic Development Corporation to assist in the acquisition and renovation of a 5,000-square-foot facility and the purchase of machinery and equipment on Walker Way in Newtown. This project is part of the companys expansion of their research and development operations from New Jersey. Tyger Scientific concentrates in custom research, development and manufacturing of chemical compounds. The company has committed to retaining eight full-time jobs as a result of this project.

Abington Reldan Metals, LLC was approved for a $2,250,000, 15-year term loan and a $632,995, 10-year term machinery and equipment loan, both at a 2 percent fixed rate, through Bucks County Economic Development Corporation. The loans will assist in the renovation and expansion of the companys 62,250-square-foot building, which includes the construction of a 33,100-square-foot manufacturing building and a 7,700-square-foot connecting addition, on 9.82 acres on Old Bordentown Road in Fairless Hills. A 3,250-square-foot mezzanine will be added to be used as a machine and electrical repair shop. The company has committed to retaining 150 full-time jobs as a result of this project.

Diamond Tool & Fasteners Inc. was approved for a $2,250,000, 15-year term loan and a $473,058, 10-year term machinery and equipment loan, both a 2 percent fixed rate, through Bucks County Economic Development Corporation to assist in the acquisition and renovation of a 55,000-square-foot building on Gundys Lane in Bristol Township. The new facility will serve as the companys warehouse and distribution center for large construction equipment and inventory. The company has committed to retaining five full-time employees and creating 51 new full-time jobs within three years as a result of this project.

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Publication:Mena Report
Date:Nov 2, 2017
Words:878
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