PENNSYLVANIA — The Pennsylvania Department of Community and Economic Development (DCED) has approved five new low-interest loans to stimulate business expansion in Bucks, Lehigh, Monroe, Perry, and Philadelphia counties. The loans, granted through the Pennsylvania Industrial Development Authority (PIDA), are expected to create 256 new full-time jobs and retain an additional 46 jobs.
In Bucks County, Cosjay Properties LLC received a 15-year loan of $1.9 million at a 4.50-percent interest rate for the construction of a multi-tenant facility in Quakertown. The project is expected to create 30 new full-time jobs.
In Lehigh County, Easy Signs Inc. was approved for a 10-year loan worth $854,000 at a 2.50-percent fixed interest rate towards machinery and equipment purchase for its manufacturing facility in Allentown. The company has committed to creating 130 new jobs within three years.
In Monroe County, The FABPAC Corporation received a 15-year loan of $554,935 at a 4.50-percent interest rate for renovations at its newly acquired commercial packing manufacturing facility in Stroud Township. An additional three-year loan of $100,000 will be used for administrative, payroll, and inventory expenses. This project is expected to create 57 new jobs within the next three years.
In Perry County, Longenecker’s Hatchery Inc. was approved for a 15-year loan of $1.8 million at a 4.50-percent interest rate to construct a new hatchery in Duncannon. The company has committed to creating 24 new, full-time jobs within three years at the hatchery.
Finally, in Philadelphia County, Northeast Fence & Iron Works, Inc. has been granted a five-year loan of $400,000 at a 5.00-percent fixed interest rate to purchase new equipment for their facility being constructed in Philadelphia. The company has committed to creating 15 full-time jobs and retaining 46 jobs within three years.
DCED Secretary Rick Siger announced the approval of these loans earlier this week, highlighting the state’s commitment to supporting business expansion and job creation. For more information visit the official Department of Community and Economic Development website.
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