Chester County businesses among four low-interest loans granted – Daily Local
âPIDA funding is an incredible tool for growing businesses in Pennsylvania who are taking the critical next steps to advance their capabilities and ensure they can continue to serve consumers reliably,â Wolf said in a communicated. “These affordable resources are invaluable as businesses grow and play a major role in my administration’s commitment to supporting and developing the economy and the state workforce.” The loans were made by the Pennsylvania Industrial Development Authority and announced by Governor Tom Wolf on Wednesday.
The property consists of an existing 27,000-square-foot, three-story office building, occupied by its owner, according to a press release. The company plans to add a 29,400 square foot one-story flexible bay space. The new space will serve primarily as a warehouse and repair shop for the company’s vehicles and equipment. The total cost of the project is $ 4,050,000.
In Chester County, JD Eckman Inc., through the Chester County Economic Development Board, secured a $ 910,000 10-year loan at a fixed rate of 2.5% to expand the head office existing company located at 4781 Lower Valley Road in the Township of West Sadsbury. .
JD Eckman is a full-service, family-owned highway and bridge construction company founded in 1945. The company has 500 employees, including an in-house engineering team made up of full-time licensed professional engineers licensed in several states. , as well as project managers / engineers.
âPIDA funding is an incredible tool for growing businesses in Pennsylvania who are taking critical next steps to advance their capabilities and ensure they can continue to serve consumers reliably. – Governor Tom Wolf
In addition to JD Eckman Inc. in Chester County, loans have been made to:
In Bucks County, 701 Canal St LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year loan of $ 627,600 at a fixed rate of 2.5% for the purchase of ” a 41,792 square foot multi-tenant facility located in the Bristol borough. The total cost of the project is $ 1,600,000.
In Blair County, MacInnis Group LLC, through the Altoona-Blair County Development Corporation, received approval for a 15-year $ 700,000 loan at a reset rate of $ 1. , 5% to acquire 55 acres of unimproved land in Greenfield Township. The total cost of the project is $ 1,400,000.
In Beaver County, Pauana Holdings LLC, through the Beaver County Corporation for Economic Development, received approval for a 15-year, $ 1,240,000 million loan at a fixed rate of 2.5 % to acquire a 40,200 square foot multi-tenant building in the Township of Hopewell. The total cost of the project is $ 3,200,000 and is expected to create at least 25 new full-time jobs within three years.
The total amount granted in the last round of loans was $ 3,477,600.
The Pennsylvania Industrial Development Authority Loan Program is administered by the Pennsylvania Department of Community and Economic Development. The program provides low-interest loans and lines of credit to Pennsylvania businesses committed to creating and maintaining full-time jobs within the Commonwealth, as well as developing industrial parks and facilities. with multiple tenants. Loan applications are prepared and underwritten by a network of certified economic development organizations that partner with the Pennsylvania Industrial Development Authority.
In 2021, the authority approved $ 38,577,782 in low-interest loans that resulted in $ 91,045,930 in private investment and supported 1,592 full-time jobs created and maintained, according to the agency.
For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development initiatives, visit dced.pa.gov.
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