Pittsburgh Review

Gov. Tom Wolf recently announced the approval of two low-interest loans through the Pennsylvania Industrial Development Authority (PIDA).

The loans will create and retain 24 jobs in Allegheny and Cumberland counties, according to a July 6 press release.

“The PIDA loans approved today will provide the support needed for these businesses to create economic growth,” Wolf said in the release. “It is always considered a win when we are able to help businesses expand and succeed right here in Pennsylvania.”

In Allegheny County the Regional Industrial Development Corporation Southwestern Pennsylvania Growth Fund was approved for a 15-year, $2.25 million loan at a 3.5% fixed rate, the release stated. The loan will support the purchase of land construction projects including a multi-tenant building in a single-story structure for flex industrial space for robotics, visual effect areas and technology. Two tenants will be in the spot and the total project will cost $10 million.

In Cumberland County, the RLS Construction Group, LLC, was approved for a 15-year, $400,000 loan with a 2.5% reset interest rate, according to the release. Funds will be used to renovate a building at 230 South Sporting Hill Road in Mechanicsburg. The building will be repurposed into an industrial space. The project has an estimated cost of $1,496,000 and the company committed to creating six new full-time jobs and retain 18 jobs over three years.

Since Jan. 1, PIDA has approved $23,366,119 in low-interest loans resulting in $49,812,138 in private investment, the release stated. It also supported the creation and/or retainment of 743 jobs. Since 2015, PIDA has approved nearly $362 million in low-interest loans leading to nearly $728 million in private investment while supporting 14,765 jobs.