Lancaster packaging firm receives state loan for new buildingPerry, Franklin county projects also share in low-interest loans
A Lancaster County packaging company's new building is among several projects statewide to share in the latest round of low-interest loans from the Pennsylvania Industrial Development Authority.
Creative Packaging Solutions LLC's plans for a 7,200-square-foot commercial building in Lancaster city were awarded a $400,000, 15-year loan via the EDC Finance Corp.
According to its website, CPS has more than 30 years' experience, and its product lines include packaging for food, electronics and consumer goods.
EDC Finance Corp. is a private, nonprofit organization that provides Lancaster County businesses with access to state and local economic development financing.
Tom Wapinsky, a partner with the group, said the new building will allow the company to move from rented space into its own facility.
A state-issued news release indicated that the CPS building will include a combination of shop space and office space, with a total project cost of $815,000.
The project will create seven new jobs while retaining four existing positions, the state's Department of Community and Economic Development said.
Over the past month, PIDA approved more than $3.7 million in low-interest loans for seven projects in Berks, Cumberland, Franklin, Lancaster and Perry counties that will generate more than $10.5 million in total investments, DCED said.
The other midstate recipients are:
• The Cumberland Area Economic Development Corp. was awarded a $100,000, eight-year loan at a 2 percent fixed rate, on behalf of Classic Drycleaners and Laundromats to assist with the purchase and installation of 32 high-efficiency top-loading washers and five high-efficiency shirt washers at three locations, including East Pennsboro Township, Mechanicsburg and Carlisle.
Total project cost is expected to be $152,387, DCED said.
• The Franklin County Area Development Corp. was awarded a $2 million, 15-year loan at 2.5 percent for the first seven years to acquire more than 10 acres of land and construct a 66,000-square-foot building in Peters Township.
Total project cost is expected to be slightly more than $5.5 million, DCED said.
• SEDA-Council of Governments was awarded a $400,000, 15-year loan at 2.5 percent for the first seven years, on behalf of Jeremy and Vanita Sensenig, to construct two poultry houses on a 127-acre farm in Liverpool Township, Perry County, to fulfill a contract with Hy-Line North America. The poultry houses will raise chicks, and Hy-Line will retrieve the pullets so they can lay eggs.
Total project cost is expected to be just over $1 million, DCED said.