Governor Wolf Announces More Than $8 Million in Funding to Support Business Growth and Job Creation in Six Pennsylvania Counties

Governor Tom Wolf announced the approval of eight new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in six Pennsylvania counties, which will help create and retain 233 jobs.

“Supporting the growth of our businesses and giving them the help they need to thrive here in the Commonwealth is essential,” Governor Wolf said. “The PIDA loans approved today will allow these businesses to expand their operations, create new jobs and stimulate the economy of surrounding communities.”

To date in 2022, PIDA has approved $27,600,519 in low-interest loans that have leveraged $58,677,680 in private investment and supported the creation and maintenance of 767 full-time jobs. Since 2015, PIDA has approved $389,478,796 in low-interest loans that have leveraged $786,658,849 in private investment and supported the creation and maintenance of 15,532 full-time jobs.

The approved projects are as follows:

Bucks County

Btec Solutions, Inc., through Bucks County Economic Development Corporation, has been approved for a 15-year loan of $2,250,000 at a reset interest rate of 2.5% for the acquisition of a 161,000 square foot building situated on 5.88 acres in an enterprise area at 913 Cedar Avenue, Croyden, Bristol Township, Bucks County. Btec Solutions, a long-term occupant of the building, currently leases approximately 45% of the facility.

The project also includes the purchase and installation of machinery and equipment, which will be installed and used in Btec Solutions’ production operations. Btec Solutions has been approved for a PIDA-MELF (Machines and Equipment Loan Fund) loan of $750,000 over 10 years at a fixed interest rate of 3.5% for this purchase. The total cost of the project is $13,363,268 and the company is committed to retaining 86 full-time jobs within three years.

carbon county

Jim Thorpe Site, LLC, through the Carbon Chamber and Economic Development Corporation, has been approved for a 15-year loan of $1,764,000 at a reset interest rate of 2.5% to acquire and renovating an 8,400 square foot medical facility located at 1122 North Street, Jim Thorpe, Borough of Jim Thorpe, Carbon County. The facility will be leased to St. Luke’s Health Network, Inc. The total cost of the project is $3,528,000 and the company is committed to creating 35 new full-time jobs and retaining eight positions within three year.

Erie County

Equipment Reuse International LLC, through the Northwest Pennsylvania Regional Planning and Development Commission, has received approval for a 15-year loan of $199,999 at a reset interest rate of 2.5% to help the improvement and renovation of its manufacturing facility located at 2962 Mechanic Street in Lake City Borough, Erie County. The total cost of the project is $400,000 and the company is committed to creating three new full-time jobs and retaining nine positions over the next three years.

Philadelphia County

Mulherins EM LLC, through the Philadelphia Industrial Development Corporation (PIDC) Financing Corporation, has been approved for a 7-year, $200,000 loan to assist in the purchase of machinery and equipment to be used in a new food court at 1100 Market Street in Philadelphia. The total cost of the project is $400,000 and the company expects to create 50 full-time jobs through this project.

Snyder County

Penn Dairy, LLC, through the SEDA-Council of Governments in Lewisburg, Pennsylvania, has received approval for a 15-year, $400,000 loan at a reset interest rate of 2.5% to construct an addition of 9,260 square feet to their existing 27,167 square feet. food production facility at 7199 County Line Road in Jackson Township, Snyder County. The total cost of the project is $880,000 and the company is committed to creating six new full-time jobs and retaining 28 positions within three years.

Westmoreland County

Weaver Development, Inc., through Economic Growth Connection of Westmoreland, has been approved for a $1,180,000 10-year loan with a 20-year amortization at a reset interest rate of 2, 5% to acquire 3.8 acres and build two flexible 15,000 square foot industrial facilities. Bushy Run Corporate Park buildings located at 1000 Pontiac Court, Penn Township, Westmoreland County. The total cost of the project is $2,950,000.

The Westmoreland County Industrial Development Corporation, through the Economic Growth Connection of Westmoreland, has been approved for a 15-year, $2,250,000 loan at a fixed interest rate of 3.5% to fund the site preparation work for future development of 78.8 acres into three ready-to-build projects. , “pad-ready” sites comprising 15 to 30 acres per pad on State Route 3193 in Mount Pleasant, East Huntingdon Township, Westmoreland County. The total cost of the project is $6,315,500. For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development programs and initiatives, visit the DCED website.

Comments are closed.