Governor Tom Wolf announced the approval of six new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in five Pennsylvania counties that will help create and retain 287 total jobs.
“My administration and I remain committed to supporting growing businesses across the commonwealth, and the PIDA loans approved today will allow these companies to grow and expand,” said Gov. Wolf. “Providing resources for companies to succeed in Pennsylvania is vital to our economy, our communities, and our livelihoods.”
To date in 2022, PIDA has approved $41,505,998 in low-interest loans that have resulted in $90,918,585 in private investment and supported 998 created and retained full-time jobs. Since 2015, PIDA has approved $403,284,275 in low-interest loans that have resulted in $818,899,754 in private investment and supported 15,763 created and retained full-time jobs.
The approved projects are as follows:
RIDC Southwestern Pennsylvania Growth Fund, through the Regional Industrial Development Corporation of Southwestern PA, was approved for a 15-year $2.25 million loan at a 4.0 percent fixed interest rate to acquire approximately 5.10 acres of land and construct a 30,000-square-foot multi-occupancy industrial flex building located on Northpoint Drive in the RIDC Armstrong Innovation Park in Freeport, South Buffalo Township. The total project cost is $5,075,000 and two additional companies are expected to occupy the facility, creating approximately 60 full-time jobs.
Grundy Commons LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year $2.25 million loan at a 3.0 percent reset interest rate to acquire a 318,921-square-foot mixed-use, multi-tenant building located at 925 Canal Street in Bristol Borough. The building will continue to be operated as a multi-tenant facility and leased to its existing tenants. The total project cost is $14.75 million.
Trichilo Foods, through the Northeastern PA Alliance, was approved for a 15-year $568,000 loan at a 3.0 percent fixed interest rate to assist in the renovation and expansion of their current 22,415-square-foot cold storage warehouse, located at 25 Fleetwood Drive in Carbondale city. The project will allow for the construction of an additional 5,200-square-feet of docking space and improvements to the building. The total project cost is $1,136,000 and the company has committed to create 24 new, full-time jobs and retain 25 employees within three years.
Continental Cup Company LLC, through the Lehigh Valley Economic Investment Corporation, was approved for a 10-year $210,000 loan at a 3.75 percent set interest rate to purchase machinery and equipment, including a lid automation system; dome lid mold; die cutter and punching machine; forklifts; racking system; pumps; and other small equipment; which will be installed at their manufacturing facility located at 1920 Spillman Drive in Bethlehem city. The total project cost is $491,562 and the company has committed to create 44 new, full-time jobs and retain 27 employees within three years.
Green Leaf Productions Inc., through the Lehigh Valley Economic Investment Corporation, was approved for a 10-year $945,000 loan at a 3.00 percent reset interest rate to acquire a 10,450-square-foot office building located at 161 North Commerce Way in Bethlehem, Hanover Township. The project site, which will be used as a full-service multimedia production facility, will provide the company with additional production space, and allow them to expand along with the larger contracts they have received. The total project cost is $2.1 million, and Green Leaf Productions has committed to create 25 new, full-time jobs within three years.
Deer Park Lumber Inc., through the Northern Tier Regional Planning and Development Commission, was approved for a 10-year $3 million loan at a 2.50 percent fixed interest rate to purchase machinery and equipment, including a bin sorter and optimizing grading system, which will help streamline materials handling and operations. The company, located at 3042 U.S. Route 6 in Tunkhannock Township, expects the project will increase productivity by at least 10 to 15 percent. The total project cost is $7,854,000 and the company has committed to create eight new, full-time jobs and retain 74 employees within three years. The company received a $3.1 million funding offer from the Governor’s Action Team in 2021 to expand and modernize their existing facility.