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

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Pennsylvania Department of Community & Economic Development

May 07, 2015, 01:32 ET

HARRISBURG, Pa., May 7, 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 at least nine new jobs and retain 106 jobs.

At the May 6 meeting, PIDA approved nearly $1.39 million in low-interest loans for four projects in Bedford, Dauphin, Lancaster and Northampton counties that will generate more than $4.6 million in total investments.

"The projects approved by the PIDA board this month are receiving the critical capital needed to support the growth of their companies," said Davin. "Not only does this grow business, but it helps small businesses support good-paying jobs."

In 2015, PIDA has approved $18.55 million in low-interest loans that have resulted in $34.95 million in private investment and supported 892 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 May meeting:

Bedford County
The Southern Alleghenies Planning and Development Commission was awarded a $400,000, 12-year loan at 2.25 percent, on behalf of Zachary and Jessi Akers to construct a duck barn to help start a duck operation. Total project cost is projected to be $1,180,000.

Dauphin County
The Capital Region Economic Development Corporation was awarded a $273,000, 10-year loan at 3 percent, on behalf of Chemical Solutions for the purchase of new machinery and equipment for their expansion of services to include research and development of new technology and new product testing with a focus on the pharmaceutical industry. Total project cost is projected to be $1,090,990 and will retain 21 jobs.

Lancaster County
EDC Finance Corporation was awarded a $325,000, 15-year loan at 2.25 percent on behalf of Mitchell and Heather Shellenberger to expand the Shellenberger farming operation through the construction of a hog finishing barn which will support an additional 2,500 hogs to the farm's yearly production. Total project cost is projected to be $650,000.

Northampton County
The Northampton County New Jobs Corporation was awarded a $400,000, 7-year loan at 3 percent on behalf of Effort Foundry to purchase and install machinery and equipment to allow for the company to perform finishing operations in-house. Total project cost is projected to be $1,682,000, and will create nine new jobs while retaining 85 existing jobs.

SOURCE Pennsylvania Department of Community & Economic Development