Pittsburgh Review

The Pennsylvania Industrial Development Authority low-interest loans have helped businesses across the commonwealth with their growth while creating and retaining jobs, and last week Gov. Tom Wolf (D-PA) announced the approval of eight new loans.

According to a release on August 3, the new loans will be spread across six counties in Pennsylvania and will help create and retain 233 jobs.

“It’s critical to support the growth of our businesses and give them the help needed to thrive here in the commonwealth,” said Wolf. “The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies in their surrounding communities.”

In 2022, PIDA has approved $27,600,519 in these low-interest loans that have resulted in $58,677,680 in private investment while supporting 767 created and retained full-time jobs. Since 2015, PIDA has approved $389,478,796 in loans that have resulted in $786,658,849 in private investment and supported 15,532 created and retained full-time jobs.

In Bucks County, Btec Solutions, Inc. was approved for a 15-year, $2,250,000 loan at 2.5% reset interest rate to purchase a 161,000 square-foot building on 5.88 acres of land in the Enterprise Zone at 913 Cedar Avenue, Croyden, Bristol Township. This is through the Bucks County Economic Development Corporation. Btec Solutions is already leasing 45% of the facility. Machinery and equipment will also be purchased and installed. The company was approved for a 10-year $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a 3.5% fixed interest rate. The project costs $13,363,268 and 86 full-time jobs will be retained over the next three years.

In Erie County, Equipment Reuse International LLC was approved for a 15-year, $199,999 loan at a 2.5% reset interest rate for improvements and renovation to their manufacturing facility. It is a $400,000 project and three new jobs will be created, with nine positions retained over three years.

In Carbon County, Jim Thorpe Site, LLC was approved for a 15-year, $1,764,000 loan at a 2.5% reset interest rate to purchase an 8,400 square foot medical facility at 1122 North Street, Jim Thorpe, Jim Thorpe Borough. The facility will be leased to St. Luke’s Health Network, Inc. The project totals $3,528,000 and the company has committed to the creation of 35 new full-time jobs and the retention of eight jobs within three years.

In Snyder County, Penn Dairy, LLC had a $15-year, $400,000 loan approved at a 2.5% reset interest rate to build a 9,620-square-foot addition their facility at 7199 County Line Road in Jackson Township. It is an $880,000 project and six new full-time jobs will be created, and 28 positions will be retained over three years.

In Philadelphia County, Mulherins EM LLC was approved for a 7-year, $200,000 loan for being machinery and equipment for a new restaurant space at 1100 Market Street. The project costs $400,000 and 50 full-time jobs will be created.

In Westmoreland County, Weaver Development, Inc was approved for a 10-year $1,180,000 loan with a 20-year amortization at a 2.5% reset interest rate to buy 3.8 acres and build two 15,000 square foot industrial flex buildings in the Bushy Run Corporate Park. It is a $2,950,000 project.

The Westmoreland County Industrial Development Corporation was approved for a 15-year $2,250,000 loan at 3.5% fixed interest rate for site preparation work for the development of 78.8 acres into three ready to build “pad ready” sites. This is a project costing $6,315,500.