CREDC secures nearly $2M in state loans for Cumberland, Dauphin projects

//June 13, 2019

CREDC secures nearly $2M in state loans for Cumberland, Dauphin projects

//June 13, 2019

SupplySource has opened a new facility in Cumberland County with the help of a state loan. (Photo: Submitted)

A well-known state lending program is benefiting projects in Cumberland and Dauphin counties.

The Harrisburg Regional Chamber and Capital Region Economic Development Corp. (CREDC) said it recently facilitated two loans for the projects totaling nearly $2 million through the Pennsylvania Industrial Development Authority.

The first is a $1.64 million loan for Parath LLC to renovate a 70,000-square-foot multi-tenant industrial development on Allendale Road in Mechanicsburg. The building is now home to SupplySource Inc., an office furniture company, which is using about 40,000 square feet for manufacturing, warehousing and delivery .

The remaining 30,000 square feet will be available for additional tenants.

The state loan will help with a purchase of the facility and comes in addition to more than $2.3 million in equity and bank financing provided by Susquehanna Community Bank.

CREDC also helped a startup daycare center, dubbed Inspired Learning Academy LLC, with a $346,000 PIDA loan. That funding will help with the purchase and renovation of a facility on Parkway West in Lower Paxton Township. Members 1st Federal Credit Union is the partner lender on the project.

The daycare is expected to open in late September and have space for up to 74 children. The center will full-day programs year-round for children from six weeks in age up to kindergarten. It also will offer before- and after-school care, as well as full-day summer service, for elementary school children.

In addition to providing capital for building acquisitions, PIDA loans help finance building renovations and equipment purchases. PIDA is operated through the state Department of Community and Economic Development.