Central PA businesses receive low interest loans

Stacy Wescoe//June 8, 2023

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Central PA businesses receive low interest loans

Stacy Wescoe//June 8, 2023

A Lancaster and Cumberland County business were among businesses that have recently been awarded low interest loans from the Pennsylvania Industrial Development Authority. 

In Lancaster County, M Land Develop LLC, through the EDC Finance Corporation, was approved for a seven-year $1.738 million loan at a 3.5% variable interest rate to construct a 28,810-square-foot single tenant building on 3.74 acres in the Vintage Business Park at 140 Ola Way in Paradise.  

Following completion, the entire building will be leased to Pencroft LLC, which will retain 36 full-time employees.  

The total project cost is $3.46 million. This is the second PIDA loan for M Land Develop.  

A previous loan for $2.25 million was approved in May 2019 and has since been repaid in full.   

In Cumberland County, Early Bird Therapy LLC, and Growing in Motion LLC, through the Capital Regional Economic Development Corporation, were approved for a 15-year $409,000 loan at a 3.5% reset interest rate to acquire and renovate a 5,400-square-foot health care enterprise facility located at 2104 Aspen Drive in Upper Allen Township.  

The borrowers are looking to expand their operation by adding a second location in Mechanicsburg.  

The property consists of a one-story brick and vinyl sided office building on a concrete slab.  

The renovations will include removing two existing walls, moving two existing doors, installing a new exterior and interior door, replacing all the flooring with luxury vinyl tile and replacing all of the baseboards.  

This project will create three new jobs and retain three full-time jobs within three years. The total project cost is $828,260.  

This is the second PIDA loan for Early Bird Therapy and Growing in Motion. A previous loan for $102,000 was approved in January 2020. 

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities.  

 Such loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.