PA DCED Announces Low-Interest PIDA Loans to Support Job Creation

News provided by

Pennsylvania Department of Community & Economic Development

Nov 02, 2011, 02:08 ET

HARRISBURG, Pa., Nov. 2, 2011 /PRNewswire-USNewswire/ -- New state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the creation and retention of more than 225 jobs in Blair, Bucks, Northampton and Westmoreland counties.

"The Corbett administration is committed to policies that encourage economic growth and job creation in Pennsylvania," Department of Community and Economic Development Secretary C. Alan Walker said. "The low-interest loans approved today to support manufacturing are a great example of state government partnering with local economic development organizations to create jobs."

In 2011, PIDA has enabled 39 companies to create and retain more than 2,630 jobs in 20 counties throughout the state.

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.

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

Blair County
The Altoona Blair County Development Corporation will receive a $1.4 million, 15-year loan at 2 percent to construct a 70,000-square-foot facility in Antis Township. Once constructed, the building will be leased to Gardner Denver Inc. – a worldwide manufacturer of engineered products – who will create 40 jobs. The company selected Blair County to better serve rapid growth in the Marcellus Shale industry.

Bucks County
Eastern Warehouse Distributors Inc. – a manufacturer of auto parts – will transfer 90 jobs to a new, modern facility in Middletown Township. The company will receive a $2 million, 15-year loan at 2 percent to acquire and renovate an 110,300-square-foot facility located in the Bucks County Business Park. The Bucks County Economic Development Corporation is the sponsoring agency.

Northampton County
Ecopax LLC – a manufacturer of foam, paper and fiber food containers – will retain its existing 53 employees in Forks Township. The company will receive a $1.15 million, 15-year loan at 2 percent to construct a 75,000-square-foot addition to account for rapid growth. The Northampton County New Jobs Corporation is the sponsoring agency.

Westmoreland County
Xodus Medical Inc. – a manufacturer of disposable surgical products – will create 10 new jobs within three years and retain an existing 35 positions in Upper Burrell Township. The company will receive an $800,000, 15-year loan at 2 percent to construct an addition to its current facility in two phases. The first phase is an immediate 12,000-square foot addition and within a 12-month timeframe, the construction of an additional 6,000-square-feet of office space. Economic Growth Connection of Westmoreland County is the sponsoring agency.

Media contact: Steven Kratz, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development