A Harrisburg-based medical spa and wellness service is expanding its business.
Youveau Aesthetics Medspa & Wellness received a $180,000 loan from the Pennsylvania Industrial Development Authority (PIDA) through the Capitol Region Economic Development Corporation (CREDC) to buy a new building along Front Street, hire staff and improve technology, said Alicia Stidfole, founder and CEO.
The 15-year PIDA loan provides the company fixed rate financing at 3% over 7 years and a maximum of 5% for the remaining 8 years. CREDC recognizes Orrstown Bank as a partnering lender in this package which provided $210,000 in a senior collateral position.
“We are thrilled to have secured this loan and are excited about the opportunities it will bring,” Stidfole said. “Our goal has always been to provide clients with the highest quality services and this loan has allowed us to so while expanding our reach.”
Administered through the Pennsylvania Department of Community and Economic Development (DCED), the PIDA program provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs in the commonwealth, as well as for development of industrial parks and multi-tenant facilities.
“We are excited to partner with the PIDA program to provide advantageous lending that will assist Youveau to expand,” said Anita Weikel, Economic Development lending officer for CREDC. “The continued growth and expansion of businesses in our region is a very important part of CREDC’s work, and we look forward to seeing the continued growth of Youveau through this loan.”