Harrisburg, PA – Governor Tom Wolf announced Wednesday, April 5, 2017 that new statewide investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur development in the commonwealth and will create and retain 78 jobs.
“It is critical that we continue to provide capital to our small businesses, and the loans approved today will do just that,” said Governor Wolf. “Today’s loans not only invest in those businesses, they invest in the communities in which they are located in helping to support the vitality and overall well-being.”
In 2017, PIDA has approved $14.3 million in low-interest loans that have resulted in $23.8 million in private investment and supported 425 created and retained full-time jobs.
Over the last month, PIDA approved more than $1.1 million in low-interest loans for four projects in Elk, Lebanon, Monroe, and Westmoreland counties that will generate more than $3.2 million in additional private investments.
The following loans were approved during the last month:
The North Central Pennsylvania Regional Planning and Development Commission was awarded a $63,500, 10-year loan at 4 percent on behalf of J.I.T. Tool & Die, Inc., a manufacturer of compaction tooling and precision machine components for the powdered metal, crabon/graphite, carbide and plastics industries, to assist with the purchase of equipment for its manufacturing facility at 7294 Route 219, Brockport. The total project cost is estimated at $127,000, and will retain 32 existing positions.
The Lebanon Valley Economic Development Corporation was awarded a $400,000, 15-year loan at 3 percent for the first seven years on behalf of Matthew and Louise Nolt to acquire the 92-acre farm located at 131 Krumstown Road, Myerstown, where they have a dairy operation as well as two broiler houses that are contracted through Farmers Pride. In addition, the loan will also assist with the construction of a broiler house. The total project cost is estimated at $1.7 million.
Pocono Mountain Industries, Inc. was approved for two loans at the April meeting. A $350,000, 15-year loan at 3 percent, and a $165,437, 10-year loan at 3 percent were approved on behalf of Ailya Chemical Corporation to renovate the company’s new facility at 463 Industrial Park Drive, Mount Pocono. Ailya Chemical Corporation, a manufacturer of liquid inks and dyes, recently relocated to Pennsylvania from New Jersey. The total project cost is estimated at $1,057,201, and will create 16 new jobs and retain two existing positions.
The Southwestern Pennsylvania Corporation was awarded a $147,137, 5-year loan at 4 percent on behalf of Excel Glass Company, Inc. to assist with the purchase of a new water jet and saw machine to be located at their manufacturing facility at 103 Jayhawk Drive, Jeannette. The total project cost is estimated to be $318,483, and will create three new jobs and retain 25 existing positions.
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 4.00 percent for the first seven years or a fixed rate of 2.25 percent for real estate financing, 4.00 percent fixed rate for equipment loans, 4 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through June 30, 2017.
For more information about the Pennsylvania Industrial Development Authority, and other DCED initiatives, visit dced.pa.gov