New low-interest loans to growing businesses in Erie and Lebanon counties
Press Release, Workforce Development
Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans for two companies, located in Erie and Lebanon counties, to help them develop their operations, to better serve their customers and to create and maintain jobs.
“Today’s funding is invaluable in helping these two companies in their next steps to improve their operations and better serve customers,” Governor Wolf said. “PIDA’s affordable loans play a vital role in helping Pennsylvania businesses grow and succeed, helping our economy grow, and creating new jobs and opportunities in surrounding communities. “
In 2021, PIDA approved $ 42,055,382 in low-interest loans that generated $ 97,518,330 in private investment and supported 1,718 jobs created and retained full-time.
The approved projects are as follows:
Scott’s Bayfront Hotel, LLC, through the Northwest Pennsylvania Regional Planning and Development Commission, has been approved for a $ 200,000 seven-year loan at a 1.5 percent reset rate for construction and renovation an open-air restaurant and entertainment venue known as Oliver’s Beer. Garden located in Erie City, Erie County. The renovations include site layout, paving, landscaping, outdoor pavilion, fireplaces, tiling, plumbing and electrical work. The total cost of the project is $ 803,647 and the company will retain 55 full-time employees as a result of this project.
Sterling Machine Technologies, Inc., through the Lebanon Valley Economic Development Corporation, has received approval for a 13-year, $ 400,000 loan at a 2.5% fixed rate to help build a ‘a 3,500 square foot building, purchase used equipment and upgrade existing equipment at their facilities in the Township of South Londonderry. The company is currently renting a facility in Lebanon for its welding department, which creates many logistical problems. Sterling Machine Technologies will address this issue with the construction of the new building on its Palmyra property to consolidate operations on one site. The company will also purchase a used Mazak Model E-650H lathe to resolve lag issues. In addition, the company plans to upgrade one of its most strategic machines, which is currently inoperable due to necessary repairs. The total cost of the project is $ 808,947 and Sterling Machine Technologies has committed to retaining 36 current positions and creating two new full-time jobs within three years.
For more information on the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.