The latest round of Pennsylvania Industrial Development Authority loans will create 103 new jobs and preserve 197 others, state officials say, including positions in Dauphin and Lancaster counties.
The program uses a mix of low-interest loans and lines of credit to give eligible businesses “access to the capital they need to support continued success in Pennsylvania,” Gov Tom Wolf said.
Over the last month PIDA approved more than $6.6 million in low-interest loans for seven projects in Beaver, Bucks, Chester, Dauphin, Lancaster, Lehigh, and Philadelphia counties that will generate more than $22.8 million in private investments.
The midstate recipients are:
• Dauphin County — The Capital Region Economic Development Corp. was awarded a $1.1 million, 15-year loan at 3 percent on behalf of Classic Rock Fabrication LLC to purchase the company’s currently leased location at 931 Dana Drive, Lower Paxton Township.
The company produces custom-cut natural stone countertops for customers such as Just Cabinets, Fine Line Cabinets, and Charter Homes. The total project cost is estimated to be $2.28 million It will retain 69 existing positions as a result, officials said.
• Lancaster County — The EDC Finance Corp. was awarded a $400,000, 10-year loan at 3 percent on behalf of Energy Wall LLC, to purchase machinery and equipment for an automated assembly line at the company’s leased facility in Burle Business Park, Lancaster, to accommodate order fulfillment.
The company manufactures modular heat exchange components for use in energy recovery ventilator units in HVAC systems. The total project cost is estimated to be $1.06 million The loan will create seven new jobs and retain six existing positions, officials said.
The other loans were:
• Beaver County — $123,000 to aid renovations at Standard Horse Nail Co. LLC, creating four new jobs and retaining 24 existing positions.
• Bucks County — $400,000 to aid Quaker City Appliance Service Co. Inc., in constructing a new building for warehouse, distribution, customer service, and administrative operations. It will create five new jobs and retain 17 existing positions.
• Chester County — $378,157 to aid Pietro Industries Inc., in purchasing a 400-ton chiller system replacement for its mushroom plant.
• Lehigh County — $1.75 million to aid Michelman Steel Enterprises LLC, in acquiring an renovating a 71,150-square-foot manufacturing facility in Bethlehem. It will create 17 new jobs and retain 27 existing positions.
• Philadelphia County — $2.5 million to aid Yards Brewing Co. LLC, in purchasing machinery and equipment to increase capacity for its craft beer production. It will create 70 new jobs and retain 54 existing positions, officials said.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. It provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital lines of credit , primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Thus far in 2016, PIDA has approved $35.2 million in low-interest loans that have resulted in $70.4 million in private investment and supported 1,350 created and retained full-time jobs.
“The PIDA loans awarded this month will assist seven businesses across the commonwealth purchase and lease land, build and renovate facilities, and obtain new machinery and equipment that will allow them to advance their operations,” DCED Secretary Dennis Davin said.
