Gov. Wolf announces low-interest loans for growing Pa. businesses

Ioannis Pashakis//October 10, 2019

Gov. Wolf announces low-interest loans for growing Pa. businesses

Ioannis Pashakis//October 10, 2019


Businesses in Berks, Lancaster and Northampton counties have been approved for low-interest loans in the most recent string of approvals from the state.

Gov. Tom Wolf announced on Wednesday that eight Pennsylvania businesses will receiving the loans, given to organizations with projects expected to create and retain jobs in the state.

“By making continued investments in projects across the commonwealth, we’re creating jobs, supporting businesses and making Pennsylvania a better place to live and work every day,” Wolf said in a press release. “These projects will benefit both business and their surrounding communities, providing welcome economic boosts in these regions.”

The Pennsylvania Industrial Development Authority is an initiative by the state Department of Community and Economic Development. So far this year, the authority has approved more than $34 million in low-interest loans for businesses making over $56 million in private investments in Pennsylvania.

In this week’s most recent announcement of loans, three projects in Lancaster County were approved. Rock Lititz LLC in Warwick Township was approved for two loans of $2 million and $2.25 million for 15 years at a 1.75 percent reset rate.

The $2 million loan was approved for a 113,110-square-foot single tenant building known as Pod 1. The entire project will consist of two stand-alone buildings — the single tenant building for Clair Global Corp. and a 61,977-square-foot multi-tenant building. The project is estimated to cost more than $24 million.

Rock Lititz’s $2.25 million loan, for the project known as Pod 5, is a 140,624-square-foot multi-occupancy building expected to cost the production community over $13 million. Both projects are anticipated to retain 100 full-time jobs and provide 75 new full-time positions.

Also in Lancaster County, Phillips Graphic Finishing, a print finishing and bindery business in Rapho Township, was approved for a $1.28 million, 10-year loan at a 2.75 fixed rate. Phillips currently leases the 55,000-square-foot building and will be buying it for $3.2 million. The company will be retaining its 54 current employees.

In Berks County, the Greater Berks Development Fund, an affiliate of the Greater Reading Chamber & Economic Development Corp., was approved for two $2.25 million, 15-year loans at a 2.75 fixed interest rate. The loans will be used to develop two industrial parks in Ontelaunee Township on 122 acres of land.

The project is expected to take five to seven years to complete and will provide one million square feet of manufacturing and warehouse space for interested buyers.

Tyber Medical LLC, a private orthopedic device company in Hanover Township, Northampton County, received a 10-year loan of $400,000 at a fixed rate of 2.75 percent for a new 35,000-square-foot manufacturing facility.

The release stated that the new manufacturing facility will be adjacent to the company’s current facility and will allow the company to bring its manufacturing and packaging in-house. The project is estimated to cost $800,000 and will retain 35 existing jobs and create 44 new full-time jobs.

Curry Supply Holdings, a specialized custom service truck manufacturer in Blair County, and Siegel Insurance, an independent insurance agency in Clarion County, also received loans from the state for upcoming projects.