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Pa. Industrial Development Authority awards low-interest loans
Ioannis Pashakis//March 5, 2020
The Pennsylvania Industrial Development Authority (PIDA) approved six new low-interest loans to support the growth of area businesses.
PIDA has approved $12.4 million in low-interest loans this year for businesses to purchase new technology, equipment and real estate.
The department also approves loans to create new full-time jobs across the state, said Gov. Tom Wolf in a statement on Wednesday.
“The businesses that were awarded funding today will expand their operations and improve service, bring new jobs to their communities and benefit Pennsylvanians in a number of ways, including making healthcare more accessible and environmentally friendly and acquiring the tools and equipment they need to offer high-quality service to consumers,” said Wolf.
The approvals include a $165,000, 15-year loan at a 2% reset interest rate for Harrisburg-based H3C Enterprise, a real estate holding company planning to purchase a 10,680-square-foot industrial property in Cumberland County. H3C will lease a majority of the space to Swatara Township, Dauphin County-based property restoration company C&Z Construction.
The department said that C&Z’s move to the new space will create six full-time jobs and retain 15 employees.
Loans were also approved for Manning-MFG in Bucks County, SAP Manufacturing in Lackawanna County; Palmerton Site in Carbon County;CryoConcepts LP in Northampton County and Wyoming Valley Chiropractic in Luzerne County.
PIDA is accepting loan applications for interest rates between 2% and 3% until March
