New low-interest loans for growing businesses in Beaver, Blair, Bucks and Chester County
Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to four businesses, located in Beaver, Blair, Bucks and Chester counties, to help to grow their operations, better serve their consumers, and create and retain work.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania taking critical next steps to advance their capabilities and ensure they can continue to reliably serve consumers,” Governor Wolf said. “These affordable resources are invaluable as businesses grow and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”
In 2021, PIDA approved $38,577,782 in low-interest loans that leveraged $91,045,930 in private investment and supported 1,592 full-time jobs created and retained.
The approved projects are as follows:
Pauana Holdings, LLC, through the Beaver County Corporation for Economic Development, has been approved for a 15-year, $1,240,000 million loan at a fixed rate of 2.5% to acquire a building multi-tenant 40,200 square foot property located in Hopewell Township, Beaver County. The multi-tenant building consists mainly of flexible industrial spaces. Building features include approximately 40% finished office/assembly space), seven platform height overhead doors, a ramped entrance door and concrete aprons at each door. The total cost of the project is $3,200,000 and should create at least 25 new full-time jobs within three years.
MacInnis Group, LLC, through the Altoona-Blair County Development Corporation, has been approved for a 15-year, $700,000 loan at a 1.5% reset rate to acquire 55 acres of land unimproved (two parcels) located in Greenfield Township, Blair County. The land will immediately be used by Pennstress as a laying site for larger concrete structures fabricated at their nearby factory. The total cost of the project is $1,400,000.
701 Canal St LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $627,600 loan at a fixed rate of 2.5% to purchase a 41,792 multi-tenant facility square feet located in Bristol Borough, Bucks County. The building is divided into eleven units, with each rental space ranging from 650 square feet to 5,034 square feet. Currently, nine tenants occupy the facility, eight of which use their space for light manufacturing, warehousing and distribution. The total cost of the project is $1,600,000.
County of Chester
JD Eckman, Inc., through the Chester County Economic Development Board, has been approved for a $910,000, 10-year loan at a fixed rate of 2.5% to expand corporate headquarters of JD Eckman located in West Sadsbury Township, Chester County. The property consists of an existing 27,000 square foot, three-storey, owner-occupied office building. The PIDA project will allow for the addition of a 29,400 square foot single-storey high-rise flexible space. The new space will feature three standard bay doors and five overhead doors and will serve primarily as a warehouse and repair shop for company vehicles and equipment. The total cost of the project is $4,050,000.