PENNSYLVANIA — The Department of Community and Economic Development (DCED) this week announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in Bucks and Clearfield counties that will help create and retain 66 total 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. The 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.
“Governor Shapiro and his Administration are working hard to create an economy for every Pennsylvanian, and programs like PIDA are helping to make this a reality,” said Acting Secretary Siger. “The projects funded… will benefit workers, businesses, and surrounding communities, which in turn helps to reignite our economy.”
The approved projects are as follows:
Caltech Manufacturing, Inc., through Bucks County Economic Development Corporation, was approved for a 15-year $800,000 loan at a 3.50-percent reset interest rate to acquire and renovate a 21,042-square-foot manufacturing facility located at 105-115 Industrial Drive, Warminster, Northampton Township. Additionally, the company was approved for a 10-year $400,000 Machinery & Equipment loan at a 4.50-percent fixed interest rate to purchase machinery and equipment, including a laser tube cutting machine, transformer, screw compressor, tank, refrigerated dryer, in line filter, and press brake. The company will retain 25 jobs and create six new full-time jobs within three years. The total project cost is $3,032,000.
Innovative Sintered Metals, Inc., through North Central PA Regional Planning & Development Commission, was approved for a 7-year $1,275,000 loan at a 4.50-percent fixed interest rate to acquire manufacturing equipment from Vision Quality Components, Inc., as part of their acquisition of the company’s assets. The company will retain 32 jobs and create three new full-time jobs within three years. The total project cost is $2,550,000.
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.
For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit DCED website.
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