PENNSYLVANIA — Department of Community and Economic Development (DCED) Secretary Rick Siger this week announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and boost the economy in Adams and Blair counties. The projects supported through these loans will create two new, full-time jobs and retain 48 existing jobs.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. These newly approved loans builds upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania.
Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
“The Shapiro Administration is committed to supporting growing businesses so they can succeed here in Pennsylvania,” said Secretary Siger. “These new PIDA loans will help these two companies expand their operations, create and retain jobs, and help boost the economies of their counties.”
The approved projects are as follows:
Adams County
- Graphcom, Inc., through the Adams County Economic Development Corporation, was approved for a 15-year $1,710,450 loan at a 3.75-percent reset interest rate to help acquire a 10.1-acre site at 251 Silo Road in Orrtanna, Highland Township. The site has five buildings totaling 38,413 square feet. With the purchase of this site, the company will be able to consolidate its warehouse capabilities into one property. Graphcom has committed to retaining 40 full-time jobs at the new project site. The total project cost is $3,955,607.
Blair County
- Zimmerman Family Dentistry, Inc., through the Altoona-Blair County Development Corporation, was approved for a 15-year $720,000 loan at a 3.75-percent reset interest rate to construct a new facility at 114 West Penn Street in Martinsburg. The modern dental facility will hold seven operatories, one of which will be a surgical room that may be used for general restorative treatment, oral surgery and endodontic therapy. As a result of the project, the practice will be creating two new jobs, including a new general practice dentist and an oral hygienist. Zimmerman Family Dentistry will also retain eight full-time jobs over the next three years. The total project cost is $1,475,182.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
Governor Shapiro’s bipartisan, commonsense 2023-24 budget spurs job creation, invests in manufacturing innovation, cuts red tape for businesses, and provides the funding to make the Commonwealth more competitive on a global scale. For more information, visit Governor Josh Shapiro’s 2023 Budget website.
For more information about the Pennsylvania Industrial Development Authority or Department of Community and Economic Development, visit the DCED website.
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