PIDA Loan Approved for new Monroe County company, FABPAC Corporation
Department of Community and Economic Development (DCED) Secretary Rick Siger today announced the approval of five new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and boost the economy in Bucks, Lehigh, Monroe, Perry, and Philadelphia counties. The projects supported through these loans will create 256 new, full-time jobs and retain 46 existing jobs.
These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania. So far in 2023, PIDA has approved over $51 million in low interest loans that have resulted in more than $149 million in private investment and created and retained a total of 1,331 full-time jobs.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
“A PIDA loan is one of our key economic development investment tools to help generate business growth and create new jobs here in the Commonwealth,” said Secretary Siger. “The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse and PIDA gives businesses the resources to help make that happen.”
The approved projects are as follows:
- Cosjay Properties LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year $1,900,000 loan at a 4.50-percent reset interest rate to help with the construction of a 26,000-square-foot multi-tenant facility located at 131 Kelly Road in Quakertown. The facility will have six individual units ranging from 4,000 square feet to 7,000 square feet. All six units are expected to be leased by the beginning of 2024. The clients are anticipated to be manufacturers, repair shops, warehouses, contractors, and wood-working companies. The total project cost is $4,250,000. It is expected that 30 new full-time jobs will be created as a result of this project.
- Easy Signs Inc., through the Lehigh Valley Economic Investment Corporation, was approved for a 10-year $854,000 loan at a 2.50-percent fixed interest rate towards the purchase and installation of machinery and equipment at a manufacturing facility it leases at 7346 Penn Drive in Allentown. The equipment includes digital printers, cutting machines, industrial sewing machines, and shelving. The total project cost is $1,709,834. Easy Signs Inc. has committed to creating 130 full time jobs within three years and, to date, has created 35 full time jobs at the project site.
- The FABPAC Corporation, through Pocono Mountains Industries, Inc., was approved for a 15-year $554,935 loan at a 4.50-percent reset interest rate to help renovate its newly acquired 288,000-square-foot commercial packing manufacturing facility at 1941 Paradise Trail in Stroud Township. The renovations include new offices, a conference room, a cafeteria, restrooms, entrances, a reception and waiting room, executive suites, a sample room, and locker rooms. The company, also through Pocono Mountains Industries, Inc., was approved for a three-year, $100,000 SBF-Working Capital loan at a 5.00-percent fixed interest rate, which will be used for administrative, payroll and inventory expenses. The total project cost is $1,309,870. Fifty-seven new jobs will be created as a result of the project within the next three years.
- Longenecker’s Hatchery Inc., through the Capital Region Economic Development Corporation, was approved for a 15-year $1,800,000 loan at a 4.50-percent reset interest rate help construct a new 44,241-square-foot hatchery at 10 Duncannon Drive in Duncannon. The one-story steel frame structure will be partitioned into an egg receiving room, incubator room, transfer room, vaccine administration room, hatching room, sorting room, washroom, processing room, and two labs. The total project cost is $18,915,035. The company has committed to creating 24 new, full-time jobs within three years at the hatchery.
- Northeast Fence & Iron Works, Inc., through the PIDC Financing Corporation, was approved for a five-year $400,000 loan at a 5.00-percent fixed interest rate to help purchase new 40-foot energy efficient powder coating equipment for their 16,640-square-foot facility being constructed at 8451 Hegerman Street in Philadelphia. The new 40-foot powder coating equipment will improve the efficiency of existing projects and allow the company to undertake much larger projects. The total project cost is $1,237,000. The company has committed to creating 15 full-time jobs and retaining 46 jobs within three years.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
Governor Shapiro’s bipartisan, commonsense 2023-24 budget spurs job creation, invests in manufacturing innovation, cuts red tape for businesses, and provides the funding to make the Commonwealth more competitive on a global scale. For more information, visit Governor Josh Shapiro’s 2023 Budget website.
For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X (formerly Twitter), and LinkedIn.
Penny Ickes, email@example.com