Triode Media Group Ltd. of Lancaster and Little Hill Farm LLC of Bethel Township, Lebanon County, will each receive $400,000 in low-interest loans for construction and renovation projects through the Pennsylvania Industrial Development Authority.
According to a Wednesday news release from the state Department of Community and Economic Development, Triode will use the loan to acquire and renovate a 9,900-square-foot building at 631 S. Water St. to serve as a workspace for creating digital media and content. The facility will include a film, video and recording studio and soundstage for corporate clientele and the entertainment industry.
The $1 million project is expected to create nine new jobs and retain three existing positions. The 15-year, 2.75 percent loan was made through EDC Finance Corp. of Lancaster, DCED said.
Additionally, Little Hill Farm, which operates a dairy herd of 90 cows and grows 180 acres of crops, will construct two broiler houses in Bethel Township. The $1 million project will be enhanced by a 15-year PIDA loan at 3.75 percent, DCED said.
PIDA’s most recent round of funding includes $4.15 million in low-interest loans that are expected to generate over $13 million in total investments, create more than 100 new jobs and retain nearly 200 more in several counties.
PIDA provides capital for building acquisition, construction and renovation work, machinery and equipment loans for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
So far this year, PIDA has approved $40.3 million in low-interest loans that have resulted in $87.6 million in private investment and supported nearly 1,900 jobs, DCED said.