Govt. Wolf: Nine New Low-Interest Loans Provided to Support Business Expansion and Job Creation in Seven Pennsylvania Counties

Harrisburg, Pennsylvania – Governor Tom Wolf announced the approval of nine new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in Beaver, Berks, Bucks, Dauphin counties , Erie, Fayette and Lancaster, which will help create and retain more than 375 total jobs.

“The PIDA loans approved today provide the support these nine businesses need to grow and succeed,” Governor Wolf said. “Through the acquisition of new properties, the expansion of existing buildings and the purchase of new equipment, this funding ensures that these companies can grow their businesses right here in Pennsylvania.”

To date in 2022, PIDA has approved $8,845,000 in low-interest loans that have leveraged $16,170,748 in private investment and supported the creation and maintenance of 269 full-time jobs. Since 2015, PIDA has approved $361,778,277 in low-interest loans that have leveraged $727,981,169 in private investment and supported the creation and maintenance of 14,765 full-time jobs.

The approved projects are as follows:

Castor County

Selectrode Industries, Inc., through the Beaver County Corporation for Economic Development, has been approved for a 10-year loan of $327,583 at a fixed interest rate of 2.5% to purchase machinery and equipment to increase its capacity and efficiency within its packaging department at its 100 Commerce Drive, Aliquippa City, Beaver County location. The new machines will include shrink wrap machines, robotic grippers, pallet positioners, production platforms and industrial printers. The new parts will allow an increase in production and sales, gaining in efficiency thanks to the reduction of lead times. The total cost of the project is $817,957 and the company is committed to creating five new full-time jobs and retaining 47 positions over the next three years.

Berks County

FM Brown’s Sons Incorporated, through the Greater Berks Development Fund, secured a $700,000, 10-year loan at a fixed interest rate of 2.5% to purchase processing equipment and packaging for its facility at 205 Woodrow Avenue, Sinking Spring, Berks County. This loan will enable the company to purchase the packaging equipment, retention bins, warehouse pallet racking and conveyors needed to fill their bags with pet food on a large scale. The total cost of the project is $1,400,000 and the company is committed to creating ten new full-time jobs and retaining 89 jobs within three years.

Bucks County

Aluminumia Realty LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $1,000,000 loan at a reset interest rate of 1.5% to acquire and renovate a 14,229 square foot single storey multi-tenant building located at 51 Runway Road, Bristol Township, Bucks County. Once the building is acquired, the company has a tenant who will occupy 30% of the space with an expected increase to 50% in 2023. The company has identified a potential tenant for the remaining space after April 2023. The total cost of the project is $2,000,000. .

Titan Mobile Shredding, LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $600,000 loan at a fixed interest rate of 2.5% to acquire a plant 14,972 square foot manufacturing facility located at 5110 Applebutter Road, Plumstead Township, Bucks County. The total cost of the project is $1,500,000 and the company is committed to retaining 13 full-time jobs within three years.

Erie County

The Erie County Enterprise Development Center (EDCEC) has received approval for a 15-year, $2,250,000 loan at a reset interest rate of 1.5% to construct a new warehouse and a 90,000 square foot distribution facility located at 1501 Myrtle Street, Erie, Erie County. EDCEC will enter into a 15-year lease with Berry Global, Inc., which will fully occupy the building. The total project cost is $9,219,450 and Berry Global, Inc. has committed to creating 15 new full-time jobs and retaining 145 current positions within three years.

Fayette County

Fay-Penn Economic Development Council has received approval for a $2,250,000 loan over 15 years at a fixed interest rate of 2.5% to construct a one-story, 100,000 square foot pre-engineered building, light industrial, multi-tenant, partially finished, speculative building on Sandstone Way, Dunbar Township, Fayette County. The project will result in approximately 19.38 acres of newly developed industrial land with 100,000 square feet of bespoke rental space that can accommodate 10 or more tenants. The total cost of the project is $5,788,715.

Lancaster County

Fox Chapel Publishing Co., Inc., through EDC Finance Corporation, has been approved for a 15-year loan of $1,800,000 at a reset interest rate of 1.5% to construct a 37,500 square foot addition to its existing 41,000 square foot facility located at 950 Square Street, Mount Joy, Lancaster County. The new addition will vertically stack up to nine pallets of books, giving the new warehouse a total capacity of 7,500 to 8,000 pallets of books. The total cost of the project is $4,000,000 and Fox Chapel Publishing Co., Inc. has pledged to retain 50 jobs within three years.

Hoober, Inc., through EDC Finance Corporation, has been approved for a 15-year loan of $1,533,000 at a reset interest rate of 1.5% to construct a freestanding building of 22,400 square feet directly adjacent to its existing 51,580 square foot facility located at 3452 Old Philadelphia Pike, Intercourse, Lancaster County. The project will include upgrades and site improvements to the existing building and add a connection between the two structures resulting in a new entrance, offices, restrooms and meeting room. The total cost of the project is $3,066,000 and the company is committed to maintaining 86 jobs within three years.

Perry County

Duncannon Business Park 3, LP, through the Capital Region Economic Development Corporation, has been approved for a loan of $1,050,000 over 15 years at a reset interest rate of 1.5 to construct a 44,251 square foot building that will be used as a hatchery. The space will be leased to Longenecker’s Hatchery, Inc. under a 15-year lease. The total project cost is $12,352,850 and Longenecker’s Hatchery, Inc. expects to create 14 new jobs within three years.

For more information on the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development initiatives, visit the DCED website and be sure to stay up-to-date with all the latest from our agency at Facebook, Twitterand LinkedIn.

MEDIA CONTACT:
Elizabeth Rementer, Office of the Governor, [email protected], 717.783.1116
Penny Ickes, DCED, [email protected]

# # #

Comments are closed.