PENNSYLVANIA — The Department of Community and Economic Development this week announced five new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in five counties. These loans will help create and retain 157 total jobs across the Commonwealth.
“A PIDA loan is a great tool to help companies succeed and thrive here in Pennsylvania,” said Acting Sec. Siger. “The loans approved today will help boost business growth and generate jobs – a benefit to our economy, our communities, and our livelihoods across the Commonwealth.”
The approved projects are as follows:
Hickory Bridge Farm, Inc., through the Adams County Economic Development Corporation, was approved for a 15-year $71,866 loan at a 4.75-percent fixed interest rate to renovate a 6,500-square-foot building located behind the existing restaurant and event venue located at 96 Hickory Bridge Road, Orrtanna, Hamiltonban Township. The project includes the purchase and installation of a new HVAC system for the renovated building. The total project cost is $145,135 and the company will retain seven jobs.
The Bedford County Development Association was approved for a 15-year $2,250,000 loan at a 3.75-percent reset interest rate to construct a 24,204-square-foot multi-tenancy building located at Bedford County Business Park 1, Lot 24, Enterprise Lane, Bedford Township. The project includes building construction, mobilization, earthwork, paving, curbing, sidewalk, storm sewer and sanitary sewer system improvements, utilities, seeding, landscaping and bio-basin, trash enclosures, fencing, parking line striping, erosion and sediment control. Once completed, the multi-tenant building will consist primarily of flex industrial space, with Cell-Con, Inc., occupying 63-percent of the space. The total project cost is $6,272,840.
Fay-Penn Economic Development Council was approved for a 15-year $750,000 loan at a 4.75-percent fixed interest rate to construct a 20,604-square-foot single-occupant building on a Keystone Opportunity Zone designated parcel lot located at 1081 Eberly Way, Lemont Furnace. The building to be constructed will be leased to Advanced Acoustic Concepts, LLC and is adjacent to the company’s existing facility in University Business Park. The total project cost is $8,274,853, and the company will retain 119 full-time jobs and create 10 new full-time jobs within three years.
Rock Lititz, LLC, through EDC Finance Corporation, was approved for a 15-year $2,250,000 loan at a 3.75-percent reset interest rate to construct a 133,600-square-foot multi-occupancy building located at 400 Rock Lititz Boulevard, Warwick Township. This project is the fifth loan award the company has received from PIDA since 2015. The new condo will house three tenants – TAIT, Clair Global Corporation, and Major Mega – all part of the live event industry. The total project cost is $15,392,926.
R & S Fence Co., through the York County Economic Development Corporation, was approved for a 15-year $1,575,000 loan at a 3.75 percent reset interest rate to develop a 10-acre site located on York Road, Carroll Township to house the company’s new operations. The project includes site work, construction of a 15,000-square-foot fabrication building, and a 9,860-square-foot office and showroom. The total project cost is $4,251,000 and the company will retain 13 full-time jobs and create eight new full-time jobs within three years.
For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit the DCED website.
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