Low Interest PIDA Loans in Pennsylvania to Four Companies
Harrisburg, Pa. (STL.News) Governor Tom Wolf announced today that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to four companies, located in Beaver, Blair, Bucks and Chester, to help grow operations, better serve their consumers, and create and maintain jobs.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania who are taking the critical next steps to advance their capabilities and ensure they can continue to serve consumers reliably,” Governor Wolf said . “These affordable resources are invaluable as businesses grow and play a major role in my administration’s commitment to supporting and developing the economy and the state workforce.”
In 2021, PIDA approved $ 38,577,782 in low-interest loans that generated $ 91,045,930 in private investment and supported 1,592 full-time jobs created and maintained.
The approved projects are as follows:
Pauana Holdings, LLC, through the Beaver County Corporation for Economic Development, received approval for a 15-year, $ 1,240,000 million loan at a fixed rate of 2.5% to acquire a building 40,200 square foot multi-tenant located in the Township of Hopewell, Beaver County. . The multi-tenant building mainly consists of flexible industrial spaces. Building features include approximately 40% finished area of office / assembly space), seven platform-height overhead doors, entrance door with ramp, and concrete decks at each door. The total cost of the project is $ 3,200,000 and is expected to create at least 25 new full-time jobs within three years.
MacInnis Group, LLC, through the Altoona-Blair County Development Corporation, received approval for a 15-year $ 700,000 loan at a 1.5% reset rate to acquire 55 acres of unimproved land (two parcels) located in the Township of Greenfield, in the County of Blair. The land will immediately be used by Pennstress as a depot yard for larger concrete structures fabricated at their nearby facility. 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 2.5% fixed rate for the purchase of a tenant facility multiples of 41,792 square feet located in Bristol Borough, Bucks County. The building is divided into eleven units with each tenant space varying from 650 square feet to 5,034 square feet. Currently, nine tenants occupy the facility and eight use their space for light manufacturing, warehousing and distribution. The total cost of the project is $ 1,600,000.
JD Eckman, Inc., through the Chester County Economic Development Board, received approval for a 10-year, $ 910,000 loan at a fixed rate of 2.5% to expand the corporate office of JD Eckman located in the Township of West Sadsbury, in the County of Chester. The property consists of an existing 27,000 square foot, three story office building, occupied by the owner. The PIDA project will allow the addition of flexible space on one floor of 29,400 square feet. The new space will feature three standard bay doors and five high bay doors and will be primarily used as a warehouse and repair shop for the company’s vehicles and equipment. The total cost of the project is $ 4,050,000.
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.