New Capital Funding Supports Job Creation, Business Expansion in Chester County

New Capital Funding Supports Job Creation, Business Expansion in Chester County

HARRISBURG, PA — Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for two businesses in Chester County, and a total of six businesses across five counties. The loans will enable the purchase, construction, and renovation of facilities and equipment. The funding will help create and retain 184 jobs across the commonwealth.

“Pennsylvania has a strong, diverse network of businesses in critical sectors that drive our economy, like agri-processing and manufacturing, and the companies we’re investing in today represent the future of business in the commonwealth,” Governor Wolf said. “As we continue to make targeted, strategic investments in growing businesses, we are helping to ensure that our state’s workers, job creators, and local economies thrive.”

The following loans were approved for Chester County businesses:

  • Good Crop, Inc., an agri-processor and fruit juice manufacturer, was approved for an $800,000, 10-year machinery and equipment loan at a 3 percent rate through Chester County Economic Development Council. The loan will enable the company to purchase machinery and equipment for the production and packaging of fruit juices at the company’s leased manufacturing space. Through this project, the company is expected to retain 12 and create 10 full-time jobs within three years.
  • A Greener Tomorrow, Inc., a recycling company, was approved for a $400,000, 10-year real estate loan at a 2 percent reset rate through the Chester County Economic Development Council. Through the loan, the company will be able to acquire the real estate, including two warehouses totaling 8,160 sq. ft. and conduct environmental remediation of the project site. The company is expected to create eight full-time jobs within three years.
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So far in 2019, PIDA has approved $26,890,536 in low-interest loans that have resulted in $46,895,789 in private investment and supported 962 created and retained full-time jobs. This month’s meeting included the approval of six projects totaling more than $6 million in five 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.

For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.

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Source: Office of the Governor, Commonwealth of Pennsylvania

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