Pennsylvania DCED: Low-Interest Loans Will Help Support More Than 1,500 Jobs and Attract Millions in Private Investment

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Pennsylvania Department of Community & Economic Development

May 02, 2012, 01:26 ET

HARRISBURG, Pa., May 2, 2012 /PRNewswire-USNewswire/ -- New state investments approved today by the Pennsylvania Industrial Development Authority (PIDA) will support the creation of 447 new jobs and the retention of 1,065 jobs in Bucks, Erie, Philadelphia and Westmoreland counties and inject millions of private sector dollars into the local economies.

"Providing capital through low-interest loans to assist companies with site development and building acquisition is a sound commonwealth investment," said Department of Community and Economic Development Secretary C. Alan Walker. "Today's investments through PIDA will support family-sustaining manufacturing jobs and will develop move-in ready facilities for future growth and job creation."

Today, PIDA approved $8.5 million in low-interest loans for seven projects, resulting in nearly $22 million in additional private investment.

Creative Display Solutions Inc. will receive a $660,000, 15-year loan at 2 percent interest to acquire and renovate a facility in Bensalem Township. The company, which designs, fabricates and produces tradeshow and event exhibits and displays, will create at least 20 new jobs in three years. The $1.1 million project, sponsored by Bucks County Economic Development, will allow the company to relocate from its leased facility in New York to a 20,133-square-foot facility in Bucks County.

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, visit www.newPA.com or call 1-866-466-3972.

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

Bucks County

Pulse Technologies Inc. will receive a $1 million, 15-year loan at 2 percent interest, allowing the company to retain 186 existing employees in Milford Township. The company, founded and incorporated in Pennsylvania in 1991, is an advanced innovation and contract manufacturing company focused on medical device components and assemblies. The $2 million project will allow Pulse Technologies to expand its current 40,000-square-foot manufacturing facility by constructing a 30,000-square-foot addition.

Zampell Refractories Inc. will receive a $900,000, 15-year loan at 2 percent interest to acquire an existing 24,764-square-foot building in Croydon. The new facility will be used to design, engineer, fabricate, repair and remanufacture industrial refractories. The building acquisition will allow Zampell to move its Mid-Atlantic division office from a leased location, into a more permanent facility. The total project cost is $1.5 million and will retain 40 existing employees. Bucks County Economic Development is the sponsoring agency.

Erie County

LORD Corporation will receive a $2 million, 15-year loan at 2 percent interest to acquire an existing 1.1 million-square-foot facility in Summit Township. The acquisition will allow the company to consolidate two existing manufacturing sites and transfer 711 existing employees. Additionally, LORD will create 74 new jobs at the new site within three years. The $18.5 million expansion, announced in December 2011, was coordinated by the Governor's Action Team and EIDCO Inc.

Philadelphia County

A & B Wiper Supply Inc. will receive a $1 million, 15-year loan at 2 percent interest, allowing the company to retain 32 existing employees and create 12 new positions within the next three years. The company, which manufactures wiping cloths, terry towels and accompanying products from new and recycled textile by-products, will acquire and renovate a 136,500-square-foot facility in Philadelphia. The total project cost is $2.5 million and PIDC Financing Corporation is the sponsoring agency.

Westmoreland County

Economic Growth Connection of Westmoreland will receive a $702,377, 15-year loan at 2 percent interest, to construct a 37,000-square-foot, multi-occupancy building in Unity Township. The facility, which will be located in the Westmoreland Airpark, will be marketed to manufacturing companies and provide move-in ready, multi-tenant or speculative space. The total project cost is $1.8 million.

The Regional Industrial Development Corporation of Southwestern Pennsylvania will receive a $2.25 million, 15-year loan at 2 percent interest, for the renovation and tenant fit-out of 250,000-square-feet in the Sony Building in East Huntingdon Township. The renovation will include: structural modifications for floor openings; upgrades of mechanical, electrical and plumbing systems; construction for a product testing laboratory; and site improvements for parking and traffic. The total projects cost is $3 million and RIDC plans to lease the space to Aquion Energy Inc. who has committed to creating at least 341 jobs over the next three years.

Media contact: Theresa Elliott, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development