Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur statewide development projected to create 369 new jobs and retain 99 jobs.
"Supporting small business opportunities is essential to restoring a thriving economy for all Pennsylvanians," Davin said. "The PIDA board successfully approved 10 strong projects, bringing 369 new jobs to the commonwealth."
Over the last month PIDA approved more than $8.1 million in low-interest loans for 10 projects in Adams, Berks,Lackawanna, Lancaster, Lebanon, Luzerne, Tioga, and Washington counties that will generate more than$28.1 million in private investments.
In 2016, PIDA has approved $21.8 million in low-interest loans that have resulted in $43.7 million in private investment and supported 749 created and retained jobs.
The following PIDA loans were approved over the last month:
Adams County
Bruce and Sara Baldwin were awarded a $190,000 loan at 3.25 percent fixed rate for 15 years, to assist with the purchase of a 170 acre farm in Gettysburg to raise grass-finished cattle and farrow-to-finish hogs for bulk sale. Total project cost is projected to be $642,275.
Berks County
The Greater Berks Development Fund was awarded a $325,000, 15-year loan at 2.25 percent for the first seven years, on behalf of David and Janette Nolt, to acquire a 65 acre farm in Fleetwood to raise crops to support their dairy herd. Total project cost is projected to be $650,000.
Lackawanna County
The Scranton Lackawanna Industrial Building Company was awarded a $400,000, seven-year loan at 3.25 percent, on behalf of Select Products Holdings, LLC, to acquire machinery and equipment. Total project cost is projected to be $800,000. In addition, the Scranton Lackawanna Industrial Building Company was awarded a$750,000, 10-year loan at 3.25 percent, also on behalf of Select Products Holdings, LLC, to relocate and expand operations from New York. Total project cost is projected to be $1,500,000. This is part of a Governor's Action Team project and will create 140 new jobs.
Lancaster County
The EDC Finance Corporation was awarded a $765,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Strasburg Rail Road Company, to construct a 12,000-square-foot addition to the existing facility. Total project cost is projected to be $1,530,000, and will create seven new jobs and retain 46 existing positions.
The EDC Finance Corporation was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of River Corner Farms, LLC, to construct a new 40,166-square-foot breeder house for chickens. Total project cost is projected to be $1,700,000.
Lebanon County
The Lebanon Valley Economic Development Corporation was awarded a $2,000,000, 15-year loan at 3.25 percent, on behalf of Blue Ridge Capital LLC, to establish a new facility in Lebanon County. The total project cost is projected to be $14,663,617, and will create 131 new jobs.
The Lebanon Valley Economic Development Corporation was awarded a $400,000, 15-year loan at 2.25 percent for the first seven years, on behalf of Curvin and Dawn Good, to expand their farming operation through the construction of two broiler houses which will be located at their existing farm in Myerstown. The Good's have entered into a seven year contract with Bell and Evans to produce poultry.
Luzerne County
Bellemarque, LLC, was awarded a $150,000 loan at 3.25 percent fixed rate for 10 years, to assist with the purchase of machinery and equipment for the manufacture of tissue paper. Total project cost is projected to be$452,100, and will create three new jobs and retain 53 existing positions.
Tioga County
The Northern Tier Regional Planning and Development Commission was awarded a $350,000 Export Link of Credit at 3.25 percent, on behalf of Rocky Ridge Maple Farm, LLC, to purchase packaging inventory related to the export sale of organic maple syrup to Norway and South Korea. Total project cost is projected to be$450,000.
Washington County
The Mon Valley Alliance was awarded a $400,000, 10-year loan at 3.25 percent, on behalf of Retal PA, LLC, an international manufacturer of plastic preforms and high density lids and closures for the food and beverage industry, to purchase equipment. Total project cost is projected to be $800,000. In addition, the Mon Valley Alliance was awarded a $2,000,000, 15-year loan at 2.25 percent for the first seven years, also on behalf of Retal PA, LLC, to acquire and renovate 143,225-square-foot brownfield site. Total project cost is projected to be$4,000,000, and will create 88 new jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Qualified applicants are eligible to select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3.25 percent for real estate financing, 3.25 percent fixed rate for equipment loans, 3.25 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through June 30, 2016.
For more information about the Pennsylvania Industrial Development Authority, and other DCED initiatives, visitwww.newPA.com.
