State loan to aid Lancaster County agribusiness project

State loan funding will help a Lancaster County agribusiness contractor. - (Photo / Thinkstock)

State loan funding will help a Lancaster County agribusiness contractor complete a construction project at their facility.

Christian and Laura Landis, who have a 15-year contract with Perdue Foods, are planning to build two single-story broiler houses in Clay Township. A $400,000 Pennsylvania Industrial Development Authority loan, awarded through the EDC Finance Corporation, will be applied toward the $930,000 project.

The 15-year loan will be at 2.25 percent for the first seven years, state Department of Community and Economic Development officials said.

The Landis development is one of five projects statewide to receive more than $3.9 million in low-interest loans over the past month and $15.2 million so far this year. The others were:

• Bedford County — $195,000 on behalf of Juli’s Wearable Art, LLC, to assist with the purchase of inventory, furniture and fixtures for an existing clothing boutique in Bedford Borough.

• Bucks County — $2 million on behalf of Junell Corporation, a manufacturer and distributor of motor oils, lubricants, and related specialty petroleum products under the business trade name Advanced Lubrication Specialties (ALS), to expand warehouse and distribution operations.

• Northampton County — $362,500 on behalf of Tyber Medical, LLC, an orthopedic device company that designs implants for the spine and trauma markets, to purchase manufacturing equipment for in-house fabrication.

• Washington County —$1 million for the development of a 25,000-square-foot multi-occupancy building on 4.5 acres in the Alta Vista Business Park.

The most recent loans will generate more than $10.8 million in total investments, DCED officials said.

PIDA, an independent authority staffed and regulated through DCED, is continuing to offer “extremely competitive interest rates due to recent market changes, and announced updated interest rate options.”

Qualified applicants are eligible to select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3.25 percent for real estate financing, 3.25 percent fixed rate for equipment loans, 3.25 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2.00 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through June 30, 2016.

Roger DuPuis
Roger DuPuis covers Cumberland County, health care, transportation, distribution, energy and environment. Have a tip or question for him? Email him at rdupuis@cpbj.com.

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