Pittsburgh Review

Gov. Tom Wolf announced nine new low-interest loans that support business expansion in Beaver, Berks, Bucks, Dauphin, Erie, Fayette, Lancaster and Perry counties that will create and retain at least 375 jobs.

According to a May 4 release by Wolf, the loans are through the Pennsylvania Industrial Development Authority (PIDA). In 2022 PIDA has approved $8,845,000 in low interest loans amounting to $16,170,748 in private investments. It has supported 269 full-time jobs. Since 2015 PIDA has approved $361,778,227 in low interest loans, resulting in private investment of $727,981,169 and 14,765 full-time jobs.

“The PIDA loans approved today provide the support needed for these nine businesses to expand and succeed,” said Wolf. “Through the acquisition of new property, the expansion of existing buildings, and the purchase of new equipment, this funding ensures these businesses can grow their operations right here in Pennsylvania.”

In Beaver County, Selectrode Industries, Inc. was approved for a $327,583 loan at a 2.5% fixed interest rate, for 10 years, for purchasing machinery and equipment. This was made possible through the Beaver County Corporation for Economic Development.

In Berks County, F.M. Brown’s Sons Incorporated was approved for a 10-year, $700,000 loan with a 2.5% fixed interest rate to purchase processing and packing equipment. This was through the Greater Berks Development Fund. It is a $1.4 million project that will create 10 new full-time jobs and retain 89 jobs over three years. 

In Bucks County, Aluminum Realty, LLC was approved for a $ 15-year, $1 million loan with a 1.5% reset interest rate to purchase a 14,229 square foot, one story, multi-tenant building. This is made possible through the Bucks County Economic Development Corporation. The total project cost is $2 million.

In Erie County, the Enterprise Development Center of Erie County (EDCEC) was approved for a 15-year, $2.25 million loan at a 1.5% reset interest rate to build a 90,000 square foot warehouse and distribution center. This project has a total cost of $9,219,450 and Berry Global, Inc. is committed to creating 15 new full-time jobs and retaining 145 current positions in three years.

In Fayette County, Fay-Penn Economic Development Council was approved for a 15-year, $2.25 million loan at a 2.5% fixed interest rate to construct a one-story, 100,000 square-foot pre-engineered, light industrial, multi-tenant, partially finished building. The project has a total cost of $5,788,715.

In Lancaster County, Fox Chapel Publishing Company, through the EDC Finance Corporation, was approved for a 15-year, $1.8 million loan at a 1.5% reset interest rate to build a 37,500 square foot addition to the existing 41,000 square foot facility. The total project is $4 million and 50 jobs will be retained over a three-year period. 

Also in Lancaster County, Hoober, Inc. was approved for a 15-year, $1,533,000 loan at a 1.5% reset interest rate to build a 22,400 square foot free standing building. The project costs a total of $3,066,000 and Hoober, Inc. committed to retaining 86 jobs over three years.

In Perry County, Duncannon Business Park 3, LP, was approved for a 15-year, 1,050,000 loan at a 1.5% reset interest rate to construct a 44,251 square foot building for a hatchery, through the Capital Region Development Corporation. The total cost is $12,352,850 and 14 jobs over three years will be created.