A Lancaster County business growth project is part of three low-interest loan approvals announced Tuesday by the Pennsylvania Industrial Development Authority.
Quality Bicycle Products received a $2 million, 15-year loan at 2.5 percent interest to construct a new, 120,000-square-foot distribution center in East Hempfield Township. That will allow the company to move from its current, rented location in Middletown to the Lancaster area.
The $2 million loan represents about one-fifth of the total project cost.
The authority said the move will transfer 57 current positions to the new building and create 23 new jobs. EDC Finance Corporation is sponsoring the project, according to the state.
The authority also approved expansion projects in Luzerne and Westmoreland counties, and the three projects approved total $5.07 million in low-interest loans. The projects will create 62 jobs.
So far in 2013, the authority has approved $52.6 million in low-interest loans.