PIDA Loan approved for Terrafina LLC

Harrisburg, PA – On April 4, 2018 Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program, including eight business projects in seven counties across the commonwealth that will help create and retain nearly 400 jobs statewide.
“One of my top priorities as governor is to provide Pennsylvania businesses with the tools they need to grow, and PIDA is one of the most vital programs for that purpose,” Governor Wolf said. “The projects approved today will enable companies to purchase property and equipment, redevelop sites, and most importantly, create jobs for Pennsylvania workers.”
In 2018, PIDA has approved $35.8 million in low-interest loans that have resulted in $53.3 million in private investment and supported 1,978 created and retained full-time jobs. This month, PIDA approved a total of approximately $11 million in fixed, low-interest loans to projects in counties including Berks, Bucks, Erie, Fayette, Lancaster, Monroe, and Westmoreland.

Monroe County project, Terrafina, LLC, a producer of a variety of healthy snacks, was approved for a $1,192,558, 15-year loan at a 2 percent fixed rate and a $682,125, 10-year loan at a 2 percent fixed rate through Pocono Mountains Industries, Inc. for the acquisition and renovation of a 74,087-square-foot building located in East Stroudsburg. The project will enable the company to create 120 new full-time jobs within three years.

Pocono Mountains Industries, Inc. DBA PMEDC is the certified economic development organization in Monroe County and acted as the applicant for the loan.  PMEDC will be responsible for processing the loan on behalf of the company.

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