Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for three businesses in Bedford, Bucks, and Philadelphia counties. The new funding will enable the purchase, construction, and renovation of facilities, help purchase new equipment and will help create and retain 105 jobs across the commonwealth.
“My administration remains committed to assisting business expansion across the commonwealth,” Governor Wolf said. “The new funding approved today will infuse the critical capital needed for these three businesses to create new opportunities and new jobs for Pennsylvanians.”
The following loans were approved:
Tram-Bar Co-Packing, LLC, a manufacturer of organic energy bars, was approved for a $1,390,670, 10-year real estate loan at a 2 percent reset rate, and a $400,000, 7-year machinery and equipment loan at a 3 percent fixed rate through the Altoona-Blair County Development Corporation. The loans will enable the company to purchase a 3.24-acre lot and build a new manufacturing facility in Bedford Township. They will also aid in the purchase and installation of machinery and equipment. The company is expected to create 36 full-time jobs within three years.
Remodeling Concepts, LLC, a residential and commercial remodeling contractor that serves the greater Philadelphia area, was approved for a $400,000, 15-year loan at a 2 percent reset rate through the Bucks County Economic Development Corporation. The loan will enable the company to purchase a new building in Middletown Township, as well as additional renovations. The company is expected to create four full-time jobs and retain 21 existing jobs over three years.
Center City Pediatrics, LLC, a pediatric health care enterprise in Philadelphia, was approved for a $300,000, 15-year real estate loan at a 2 percent reset rate and a $30,000, 10-year machinery and equipment loan at a 3 percent fixed rate through PIDC Financing Corporation. The loans will assist in the renovation of a new office building and the installation of solar panels. The company is expected to create five full-time jobs and retain 39 existing jobs over three years.
So far in 2019, PIDA has approved $23,969,867 in low-interest loans that have resulted in $43,170,805 in private investment and supported 857 created and retained full-time jobs. This month’s meeting included the approval of three projects totaling over $2.5 million in Bedford, Bucks, and Philadelphia counties.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between two and three percent for applications received by October 1, 2019.