Lancaster County secures new PIDA loans to support job creation

Three Lancaster County businesses secured a totoal of $3.78 million in low-interest loans from the Pennsylvania Industrial Development Authority (PIDA) to support growth and job creation, the Shapiro Administration announced.

Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of more than $7.4 million in new, low-interest loans through PIDA to help support business growth in Lancaster, Allegheny, Bucks, and Susquehanna counties. According to a release, these projects will together inject more than $36.2 million into the local economy, create 37 new, full-time jobs, and retain 60 existing jobs.

Since 2023 under the Shapiro Administration, PIDA has approved $172,367,614 in low-interest loans that have resulted in $447,637,686 in private investment, the creation of 1,537 full-time jobs, and retention of 2,750 existing jobs.

“Through PIDA, we’re helping to grow Pennsylvania businesses, strengthen our economy, and create good-paying jobs across the commonwealth.” Siger said in a statement. “By partnering with businesses that are ready to invest in Pennsylvania, we’re creating real opportunities for workers and building a stronger economic future for the commonwealth.”

The approved projects in Lancaster are as follows:

• Reist Popcorn Company, through the EDC Finance Corporation, was approved for a 15-year, $500,000 loan at a 5.25 fixed interest rate to assist with the acquisition of a 17,052 square-foot facility at 131 Manheim Street in Mount Joy Borough. This facility contains multiple properties and is adjacent to the company’s current location at 113 Manheim Street, and will add additional infrastructure, bins, and grain storage immediately. The company plans to develop the site and purchase machinery next year for extra processing capacity. As part of this project, Reist Popcorn Company will create three new, full-time jobs over the next three years and retain 17 existing positions. The total project cost is $1,000,000.

• Strickler Investments LLC, through the EDC Finance Corporation, was approved for a 10-year, $2,250,000 loan at a 4.25 reset interest rate to construct a new five-story, 73,000-square-foot office/warehouse building located at 1320 Strickler Road in Rapho Township. The facility will consist of 35,000 square feet of office space, 38,000 square feet of warehouse space, and will sit on 7.8 acres of land. The total project cost is $17,155,950.

• Volley LLC, through the EDC Finance Corporation, was approved for a 10-year, $1,030,000 loan at a 4.25 reset interest rate to assist with the acquisition and renovation of a 17,228-square-foot building at 3040 Industry Drive in East Hempfield Township. The company has operated out of a larger facility in Lancaster that they recently sold to tenant Concordia Holdings, LLC. As part of this project, Volley LLC will create 11 new, full-time jobs over the next three years and retain 14 existing positions. The total project cost is $2,578,200.

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