New low-interest loans granted to support business expansion and job creation in four counties in Pennsylvania
Gov. Tom Wolf announced today that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to help four growing businesses in Berks, Lawrence, Luzerne and Westmoreland counties.
âMy administration remains committed to investing in companies that want to be successful here in Pennsylvania,â Governor Wolf said. âThe PIDA loans approved today will help businesses grow, hire new employees and boost the economies of surrounding communities. “
In 2021, PIDA approved $ 42,755,382 in low-interest loans that generated $ 98,240,924 in private investment and supported 1,811 jobs created and retained full-time.
The approved projects are as follows:
Van Industries Inc., through the Greater Berks Development Fund, received approval for a 10-year $ 795,175 loan at a fixed interest rate of 2.5% for the purchase of a new high speed fiber optic laser cutting device to meet increasing customer demand. The new laser cutter will allow the company to increase production and significantly improve productivity and efficiency over the obsolete laser cutter currently in use by the company. The company offers metal fabrication, welding, laser cutting, CNC precision engineering, powder and ceramic coatings, and abrasive cleaning services. The total cost of the project is $ 1,590,350 and Van Industries Inc. has committed to creating five new full-time jobs and retaining 25 existing positions within three years.
The Southwestern PA Growth Fund of the Regional Industrial Development Corporation (RIDC), through RIDC of Southwestern PA, has been approved for a 15-year loan of $ 2.25 million at a rate of 2.5 per cent fixed interest to acquire 247 acres for the development of an industrial park located at Highway 422 and Baird Road, Mahoning Township, Lawrence County. Additional costs include those related to infrastructure / redevelopment, including new roads, utilities, stormwater management, earthworks, fine and coarse grading, and the establishment of road controls. erosion and sediment. The total cost of the project is $ 3 million.
A very active promoter in the Pittsburgh metropolitan area, the RIDC Southwestern PA Growth Fund has already obtained approval for 23 PIDA loans for industrial parks.
The Greater Hazleton Community Area New Development Organization, Inc. (CAN DO) has been approved for a 15-year, $ 2 million loan at a 1.5 percent variable interest rate to build a tenant-owned manufacturing plant unique 47,000 sq. ft., on 12.83 acres at 128 Corporate Drive, Drums, Butler Township, Luzerne County. Construction is expected to be completed by the end of summer 2022, with sole tenant Amapharm, LLC occupying the facility by September 2022. Formed in August 2021, the Pennsylvania-based company is a US subsidiary of the company German pharmaceutical Amapharm GmBh. The total cost of the CAN DO project is $ 7,228,793. Amapharm will create 50 full-time jobs within three years.
CAN DO, which has fostered economic activity in the region as a developer, builder, owner, enabler and utility provider, has benefited from seven previous PIDA loans.
Wyatt Inc., through Economic Growth Connection of Westmoreland, received approval for a 15-year, $ 2 million loan at a reset interest rate of 1.5% for the construction of a 132,053 square foot approximately 20 acre manufacturing facility located on Lot # 18 I -70 Industrial Park, 1172 Glacier Drive, Smithton, South Huntingdon Township, Westmoreland County. The one-story manufacturing building, which will be adaptable to a number of light industrial uses, will include 7,000 square feet of office space as well as a 125,053 square foot production and warehouse area. The facility will be used for the fabrication of exterior wall panels and architectural joinery. There will also be several lean-tos which will house a spray booth, a finishing workshop, tool storage and a maintenance area. The total cost of the project is $ 13,058,500 and Wyatt Inc. is committed to creating 15 new full-time jobs and retaining 85 existing positions within three years.
For more information on the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.