PIDA approves four low-interest loans
The Pennsylvania Industrial Development Authority (PIDA) recently approved four new low-interest loans.
So far this year, PIDA has approved $ 42.8 million in low-interest loans.
Van Industries in Berks County, through the Greater Berks Development Fund, received a loan of $ 795,175 to purchase a high speed fiber optic laser cutting machine. The purchase will allow the company to expand its production. The project costs a total of $ 1.6 million and is expected to create five full-time jobs and retain 25 existing positions.
The Regional Industrial Development Corporation Southwestern PA Growth Fund in Lawrence County, through the RIDC of Southwestern PA, received a loan of $ 2.25 million to purchase 247 acres. The company will transform the land into an industrial park. The project costs $ 3 million.
The new development organization for the Greater Hazleton Community Region in Luzerne County has received a $ 2 million loan to build a 47,000 square foot single-tenant manufacturing facility. The project costs $ 7.3 million. The tenant is expected to create 50 full-time jobs within three years.
Wyatt in Westmoreland County, through Economic Growth Connection of Westmoreland, received a $ 2 million loan to build a 132,053 square foot manufacturing plant. The project costs $ 13.06 million and is expected to create 15 full-time jobs and retain 85 current positions.