DCED: Low-Interest Loans Support Business Expansion, Job Creation

News provided by

Pennsylvania Department of Community & Economic Development

Jul 06, 2011, 11:27 ET

HARRISBURG, Pa., July 6, 2011 /PRNewswire-USNewswire/ -- The Pennsylvania Industrial Development Authority (PIDA) has approved nearly $4.5 million in low-interest loans for projects that will support 247 new jobs in Beaver, Bucks and Northampton counties.

"Providing capital through low-interest loans to assist companies with site development and building acquisition is a sound investment for the commonwealth," Department of Community and Economic Development Secretary C. Alan Walker said. "Our latest investments through PIDA will provide critical resources for continued growth and job creation across 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.

The PIDA board approved the following projects:

The Beaver County Corporation for Economic Development (BCCED) will receive a $2.25 million, 15-year loan at 3.5 percent to make infrastructure improvements in Aliquippa. The BCCED will construct a 4,000-linear-foot two-lane asphalt roadway, storm and sanitary sewer system, and storm water management controls in the Aliquippa Industrial Park. Once completed, the roadway upgrades will improve access to the site, and is expected to create 226 new jobs. The project's total cost is $4.1 million.
Gelest Inc., a manufacturer of silicone and organic metallic materials for use in industrial applications, will receive a $1.6 million, 15-year loan at 3.5 percent to acquire and renovate a 152,800-square-foot building in Falls Township. The company will transfer its packing operations and raw material storage to the new facility. Sponsored by the Bucks County Economic Development Corporation, Gelest will retain its existing 80 employees and create an additional 15 jobs within the next three years. The total cost of the project is $4.5 million.
Everson Tesla Inc. will receive a $625,000, 15-year loan at 3.5 percent to expand an existing building in Lower Nazareth Township. The company, which manufactures coils, motors, magnets, superconducting magnets and superconducting systems, plans to build a 17,790-square-foot addition to its current facility. Sponsored by the Northampton County New Jobs Corporation, Everson Tesla will retain its existing 80 employees and create an additional six positions within the next three years. The total cost of the project is $1.3 million.