Businesses in Adams, Lancaster, and York counties are receiving new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA).
The PIDA loans will be used to spur and support business growth and will total more than $6.8 million and help create and retain 157 jobs. The loans were announced Wednesday by Department of Community and Economic Development (DCED) Acting Secretary Rick Siger.
“A PIDA loan is a great tool to help companies succeed and thrive here in Pennsylvania,” Siger said in a statement. “The loans will help boost business growth and generate jobs – a benefit to our economy, our communities, and our livelihoods across the Commonwealth.”
In Adams County, Hickory Bridge Farm, Inc., through the Adams County Economic Development Corporation, was approved for a 15-year, $71,866 loan at a 4.75-percent fixed interest rate to renovate a 6,500-square-foot building located behind the existing restaurant and event venue located at 96 Hickory Bridge Road, Orrtanna, Hamiltonban Township.
The project includes the purchase and installation of a new HVAC system for the renovated building. The total cost of the project is $145,135. The company will retain seven jobs.
In Lancaster County, Rock Lititz, LLC, through EDC Finance Corporation, was approved for a 15-year, $2,250,000 loan at a 3.75-percent reset interest rate to construct a 133,600-square-foot multi-occupancy building located at 400 Rock Lititz Boulevard, Warwick Township.
This project is the fifth loan award the company has received from PIDA since 2015. The new condo will house three tenants – TAIT, Clair Global Corporation, and Major Mega – all part of the live event industry. The project cost is $15,392,926.
In York County, R & S Fence Co., through the York County Economic Development Corporation, was approved for a 15-year, $1,575,000 loan at a 3.75 percent reset interest rate to develop a 10-acre site located on York Road, Carroll Township to house the company’s new operations.
Site work, construction of a 15,000-square-foot fabrication building, and a 9,860-square-foot office and showroom are included in the project. The cost of the project is $4,251,000. The company will retain 13 full-time jobs and create eight new full-time jobs within three years.