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Adams County is one of two counties to receive a low-interest loan through the Pennsylvania Industrial Development Authority. PHOTO/GETTY IMAGES
PIDA loan to help spur economy, job growth in Adams County
Listen to this articleAdams County is one of two counties to receive low-interest loans through the Pennsylvania Industrial Development Authority (PIDA), Department of Community and Economic Development Secretary Rick Siger announced.
Through the Adams County Economic Development Corporation, Graphcom, Inc. was approved for a 15-year $1,710,450 loan at a 3.75-percent reset interest rate to help acquire a 10.1-acre site at 251 Silo Road in Orrtanna, Highland Township. The location has five buildings totaling 38,413 square feet.
The purchase allows Graphcom to consolidate its warehouse capabilities into one property. The company has committed to retaining 40 full-time jobs at the new project site. The total cost of the project is $3,955,607.
PIDA provides low-interest loans for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities.
Loans can be used for land and building acquisitions, construction and renovation costs, industrial park projects, machinery and equipment purchases, multi-tenant facility projects, and working capital and accounts receivable lines of credits.
Blair County is the other county to receive a low-interest loan through PIDA. The loan was approved for Zimmerman Family Dentistry, Inc.
“The Shapiro Administration is committed to supporting growing businesses so they can succeed here in Pennsylvania,” Siger said in a statement. “These PIDA loans will help these two companies expand their operations, create and retain jobs, and help boost the economies of their counties.”
Eligible to apply for PIDA loans are Pennsylvania businesses across a variety of industries, including agriculture, child daycare, computer-related services, construction, defense conversion, developers, hospitality, industrial, manufacturing, mining, recycling, research and development, and retail and service enterprises.
