Printer Friendly

United States : Governor Wolf Announces New Approvals for Low-interest Loans to Support 20 Small Business Projects in 13 Counties, Supporting More Than 1,100 Jobs.

Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for 20 small business projects in 13 counties across the commonwealth that will help create and retain more than 1,100 jobs statewide.

One of the best ways we can encourage businesses to grow and create jobs is by providing access to capital for acquisition of property, construction, or purchase of equipment and machinery that businesses need to expand, Governor Wolf said. The projects approved at todays meeting will create jobs and move our economy forward.

In 2018, PIDA has approved $8.4 million in low-interest loans that have resulted in $8 million in private investment and supported 331 created and retained full-time jobs. This month, PIDA approved a total approximately $15.3 million in fixed, low-interest loans to projects in Berks, Blair, Bradford, Bucks, Chester, Crawford, Cumberland, Dauphin, Fayette, Huntingdon, Lackawanna, Lancaster, and Philadelphia counties.

The following loans were approved:

Berks County

Ricky and Miriam Manwiller were approved for a $400,000, 15-year loan at a 2 percent fixed rate through the Greater Berks Development Fund for the construction of two 31,500-square-foot poultry houses on their Heidelberg Township farm. Each poultry house can raise 36,000 birds per flock, and the Manwillers anticipate being able to raise up to 5.5 flocks per year.

Zahncroft Dairy, LLC was approved for a $400,000, 15-year loan at a 2 percent fixed rate through the Greater Berks Development Fund for construction of a 37,377-square-foot, free-stall barn with 217 stalls, a milking parlor with a double 12 parallel milk house, and a two-stage manure storage pit on their dairy farm located in Womelsdorf.

Targeted Solutions, LLC was approved for a $180,000, 5-year loan at a 2 percent fixed rate through the Greater Berks Development Fund to assist with the purchase of a Ryobi 755 five color press to be used at their direct mail production facility in Mohnton. The project will enable to company to retain 77 existing full-time jobs.

Radius Corporation was approved for a $1,430,000, 15-year loan at a 2 percent fixed rate through the Greater Berks Development Fund to relocate into a new, larger manufacturing facility. The new facility is a multi-story building formerly operated as a silk mill that will undergo extensive renovations and improvements to provide a better manufacturing layout, inventory warehousing, and office space. The project will enable the company to retain its 28 full-time employees and to create 14 new full-time positions in the next three years.

Blair County

East Freedom Surgical Associates, LLC was approved for a $350,000, 5-year loan at a 2 percent fixed rate through Altoona-Blair County Development Corporation for the purchase of new and used medical and surgical equipment needed for a new ambulatory center in Duncansville Borough. The equipment is necessary for licensing and certification as a stand-alone surgical center. The project will retain the companys six existing employees and enable to company to create four additional positions.

Bradford County

Principle Enterprises, LLC was approved for a $1,125,000, 10-year loan at a 2 percent fixed rate through the Northern Tier Regional Planning & Development Commission for the acquisition of a 68,885-square-foot building on 14 acres in Canton Township. The project will enable Principle Enterprises to retain 125 jobs and create 75 more over the next three years.

Bucks County

Rushabh Instruments, LLC / SPS Investment Holdings, LLC was approved for a $199,900, 15-year loan at a 2 percent fixed rate through the Bucks County Economic Development Corporation to assist with the acquisition of a 7,813-square-foot facility in Northampton Township. The proposed acquisition will provide Rushabh Instruments the necessary space for its expanding operation, and SPS Investment Holdings, LLC will own the real estate to be acquired. The project will enable the company to retain three existing employees and create two full-time jobs within three years.

Chester County

Howard and Sandra Reyburn were approved for a $400,000, 15-year loan at a 2 percent fixed rate through the Chester County Economic Development Council for the construction of two 20,212-aquare-foot hog finishing barns on the Reyburns existing farm located in Oxford, Upper Oxford and Lower Oxford Townships, Chester County.

Crawford County

The Economic Progress Alliance of Crawford County was approved for a $479,850, 15-year loan at a 2 percent fixed rate for the construction of a 22,000-square-foot building in the Keystone Regional Industrial Park located in Cochranton. The site will be marketed as a multi-tenant facility, and the Economic Progress Alliance of Crawford County anticipates two tenants occupying the building, with each tenant occupying approximately 11,000 square feet of the building. The project is expected to create 25 full-time jobs, ranging from manufacturing to administrative support.

Cumberland County

Amish Country Bakehouse, LLC was approved for two separate loans totaling $850,804 at a 2 percent fixed rate through Cumberland Area Economic Development Corporation for the purchase of machinery and equipment and the acquisition and renovation of a 23,917 square-foot building on 2.36 acres located in Carlisle. The project includes demolition of approximately 1,340 square feet of the existing building, construction of a 2,310-square-foot addition for manufacturing space, a new dock and cooler, and other new equipment. The project will enable the company to retain 16 existing full-time employees and create 20 full-time jobs within three years.

[c] 2018 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
COPYRIGHT 2018 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Feb 8, 2018
Words:910
Previous Article:India : Mahindra showcases the 'Future of Mobility' at Auto Expo 2018.
Next Article:Canada : Workshop to explore building an online professional presence.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters