DCED Announces 109 New Jobs, New Low-Interest Loans Approved by Pennsylvania Industrial Development Authority

News provided by

Pennsylvania Department of Community & Economic Development

Sep 02, 2015, 01:19 ET

HARRISBURG, Pa., Sept. 2, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced that new state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of Pennsylvania businesses that are projected to create at least 109 new jobs and retain 195 more positions.

At the September meeting, PIDA approved $4.15 million in low-interest loans for four projects in Allegheny, Berks, Lancaster, and Lebanon counties that will generate over $13.32 million in total investments.

"The loans approved today by the PIDA board are critical for the growth of our small businesses," said Davin. "Governor Wolf is committed to supporting Pennsylvania's small businesses and has proposed a much-needed funding increase to the PIDA program to continue support of private sector growth."

In 2015, PIDA has approved $40.3 million in low-interest loans that have resulted in $87.6 million in private investment and supported nearly 1,900 created and retained jobs.

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.

The PIDA board approved the following loans at its September meeting:

Allegheny County
The Regional Industrial Development Corporation of Southwestern Pennsylvania was awarded a $2,000,000, 15-year loan at 2.75 percent, on behalf of TruFood Mfg., Inc., a manufacturer of chocolate confections and nutrition bars, to acquire a 155,000-square-foot building in O'Hara Township. The company has experienced significant growth since becoming a top producer of nutrition bars for the U.S. and Canadian markets. In September 2014, the company entered into a lease for additional manufacturing space at its facility on Gamma Drive. The expansion was a result of TruFood Mfg., Inc. entering into an expanded contract to produce private-label nutrition bars. The current lease runs through December 2015 and the company would like to purchase the facility rather than renew the existing lease. Total project cost is projected to be $9,000,000, and will create 100 new jobs while retaining 192 existing positions.

Berks County
The Greater Berks Development Fund was awarded a $1,350,000, 15-year loan at 2.75 percent, to acquire and develop 19.4 acres in the City of Reading. The site is the former Glidden Paints property which previously had 67 buildings and was used for the manufacturing of latex, solvent-based paints, and resins. Closure of the site in 2007 left the site in need of cleanup and remediation. Development costs will include environmental remediation, sidewalks, curbs, lighting, and landscaping. Total project cost is projected to be $2,250,000.

Lancaster County
The EDC Finance Corporation was awarded a $400,000, 15-year loan at 2.75 percent, on behalf of Triode Media Group Ltd. to acquire and renovate a 9,945-square-foot building in the City of Lancaster to serve as a workspace for creating digital media and content. The facility will require substantial structural repairs and renovations to repurpose it into a digital media factory which will include a multi-soundstage, film, video, and recording studio for corporate clientele and the entertainment industry. Total project cost is projected to be $1,050,000, and will create nine new jobs while retaining three existing positions.

Lebanon County
The Lebanon Valley Economic Development Corporation was awarded a $400,000, 15-year loan at 3.75 percent, on behalf of Little Hill Farm, LLC for the construction of two modern broiler houses in Bethel Township. Currently, the farm operates a dairy herd of approximately 90 cows and a crop operation of nearly 180-acres of land. Total project cost is projected to be $1,018,500.

For more information about the Pennsylvania Industrial Development Authority, visit www.newPA.com.

MEDIA CONTACT:
Dan Carrigan, DCED, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development