DCED: Low-Interest Loans Enable Site Development; Job Creation

News provided by

Pennsylvania Department of Community & Economic Development

Oct 05, 2011, 02:45 ET

HARRISBURG, Pa., Oct. 5, 2011 /PRNewswire-USNewswire/ -- New state investments approved today by the Pennsylvania Industrial Development Authority (PIDA) will support the creation and retention of over 260 jobs in Berks, Cambria, Lawrence, Luzerne and Philadelphia counties.

"The Corbett administration is committed to fostering a business climate in Pennsylvania that spurs job creation and economic growth," Department of Community and Economic Development Secretary C. Alan Walker said. "This includes making targeted investments to maximize job growth and private investment. The projects approved today will support more than 260 jobs."

In 2011, PIDA has enabled 35 companies to create and retain more than 2,402 jobs in 20 counties throughout Pennsylvania.

PIDA provides capital for building acquisition, construction and renovation work, 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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit newpa.com.

Media contact: Steven Kratz, 717-783-1132

Editor's Note: The PIDA board approved the following projects:

Berks County

Targeted Solutions, LLC – a direct mail service and printing company - will transfer eight existing employees to a new site and create an additional 17 jobs within the next three years in Cumru Township. At a total project cost of $861,546, the company will receive a $516,927, 15-year loan at 2 percent to acquire a 29,426-square-foot facility to print advertising materials in house rather than outsourcing printing orders. The Greater Berks Development Fund is the sponsoring agency.

Cambria County

Basic-PSA, Inc. – a manufacturer of snubbers and related electronic components -will retain its existing 23 employees and create an additional three positions within the next three years. At a total project cost of $1.7 million, the company will receive a $910,000, 15-year loan at 2 percent to purchase an adjacent 4.09 acres to construct a 17,000-square-foot addition. The new space will enable the company to manufacture components that are currently outsourced. The Johnstown Industrial Development Corporation is the sponsoring agency.

Lawrence County

Richardson Cooling Packages, LLC will retain its existing 33 employees and create an additional 10 positions within the next three years in Shenango Township. At a total project cost of $1.02 million, the company will receive a $612,436, 15-year loan at 2 percent to acquire and renovate a 52,400-square-foot building currently located at a Brownfield Site. The new project site will house product assembly, warehousing, shipping and receiving operations. The Lawrence County Economic Development Corporation is the sponsoring agency.

Ezeflow USA, Inc. – a manufacturer of pipe and pipe fittings – will acquire the 24.18 acre, 107,764-square-foot, former Flowline facility located in Union Township. The company will create 30 new positions and will retain 63 existing employees of Markovitz Enterprises – the former operator of the site. At a total project cost of $10.6 million, the company received a $2,271,850 funding offer from the Department of Community and Economic Development, including a $1,057,466, 15-year PIDA loan at 2 percent. The project was coordinated by the Governor's Action Team and the sponsoring agency is the Lawrence County Economic Development Corporation.

Luzerne County

New Global Marketing Inc. – a warehouse distributor of cigars – will create 38 new jobs within the next three years due to its relocation to a 25,395-square-foot facility at the CAN DO Corporate Center in Butler Township. At a total project cost of $2,251,000, the company received a $1,268,100 funding offer from the Department of Community and Economic Development, including a $1.1 million, 10-year PIDA loan at 2 percent. The project was coordinated by the Governor's Action Team and the sponsoring agency is the Greater Hazelton Community Area New Development Organization.

Philadelphia County

Spikes Trophies, Limited –a manufacturer of promotional products, signs and awards – will retain 34 positions and create at least four new positions within the next three years. At a total project cost of $1,265,000, the company will receive an $885,500, 15-year loan at 2 percent to purchase and renovate a 22,126-square-foot building in the Philadelphia Industrial Park. The Philadelphia Industrial Development Corporation is the sponsoring agency.

SOURCE Pennsylvania Department of Community & Economic Development