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

News provided by

Pennsylvania Department of Community & Economic Development

Apr 01, 2015, 05:00 ET

HARRISBURG, Pa., April 1, 2015 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Acting 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 87 new jobs and retain an additional 315 jobs.

At March and April's meeting, PIDA approved nearly $6.8 million in low-interest loans for nine projects in Beaver, Berks, Bucks, Crawford, Lancaster, Lebanon and Schuylkill counties that will generate more than $21.63 million in total investments.

"The recent projects approved by the PIDA board are a start in rebuilding Pennsylvania," said Acting Sec. Davin. "Governor Wolf's proposed budget plan continues the momentum of building a better Pennsylvania through recapitalizing DCED's proven programs to support investment and economic growth, which helps build the middle class."

In 2015, PIDA has approved $17.15 million in low-interest loans that have resulted in $31.75 million in private investment and supported 776 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.

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

MEDIA CONTACT:
Heidi Havens, DCED, 717-783-1132

Editor's note: The PIDA board approved the following loans at its April meeting:

Lancaster County
EDC Finance Corporation was awarded a $200,000, 15-year loan at 1.75 percent, on behalf of B&C Farm, LLC to construct two organic broiler houses in Little Britain Township. B&C Farm, LLC will engage in organic broiler production contracted with Perdue Foods, LLC. Total project cost is projected to be $1,126,000.

Lebanon County
Lebanon Valley Economic Development Corporation was awarded a $200,000, 15-year loan at 3.25 percent, on behalf of Randy and Rhoda Martin for the expansion of the Martin's farming operation and the construction of two organic broiler houses in Bethel Township. The Martins have entered into a 15 year contract with Perdue Foods, LLC to produce organic poultry. Total project cost is projected to be $896,000.

Lebanon Valley Economic Development Corporation was awarded a $400,000, 15-year loan at 3.25 percent, on behalf of Jeffery Wenger to purchase his grandparent's farm and add two broiler operations in East Hanover Township. Total project cost is projected to be $1,080,500.

Schuylkill County
Ashland Foundry & Machine Works, Inc. was awarded a $402,000, 15-year loan at 2.25 percent to acquire an existing 60,000-square-foot building in West Mahanoy Township. Total project cost is projected to be $805,000 and will create four new jobs while retaining 206 further positions.

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

Beaver County
The Beaver County Corporation for Economic Development was awarded a $1,500,000, 15-year loan at 2.25 percent to construct a 30,000-square-foot flex building in the Westgate Business Park. The Beaver County Corporation for Economic Development will invest $3,000,000 which is projected to create 40 new jobs.

Berks County
The Greater Berks Development Fund was awarded a $200,000, 15-year loan at 2.25 percent, on behalf of Clair and Jane Martin to purchase a 67 acre farm in Fleetwood. The Martins currently operate a broiler production farm growing organic birds and grain crops. The Martins will invest more than $430,000.

Bucks County
Hadco Metal Trading Co., LLC, was awarded a $2,250,000, 15-year loan at 2.25 percent on to purchase and renovate an existing 378,000-square-foot warehouse to create a central logistics center located in Bensalem. The company will invest more than $10,450,000 and will create three new jobs and retain 109 existing employees.

Crawford County
The Titusville Industrial Fund was awarded a $1,250,000, 15-year loan at 2.25 percent to renovate six connected buildings in the Opportunity Park totaling 118,116 square feet. The Titusville Industrial Fund will invest more than $2,950,000 in the project, which is projected to create 40 new jobs.

Lancaster County
Steven and Donna Long were awarded a $400,000, seven-year loan at 2.25 percent to construct two broiler houses. The Longs will invest more than $900,000 in the project.

SOURCE Pennsylvania Department of Community & Economic Development