LANCASTER COUNTY, PA — The Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval this week of two new low-interest loans. These loans, amounting to $4.25 million, have been sanctioned through the Pennsylvania Industrial Development Authority (PIDA) and are aimed at supporting the development of two industrial parks in Lancaster County.
The strategic investments made through these loans are projected to create nine new, full-time jobs while retaining 18 existing ones. This initiative aligns with the broader efforts of the Shapiro Administration to foster business growth, reinforce local communities across the Commonwealth, and eventually establish Pennsylvania as an economic powerhouse.
Secretary Siger stated, “These types of strategic investments, which create and retain good-paying jobs and spur our economy, will help Pennsylvania become an economic powerhouse.”
The two approved projects are:
Greenfield 180 LLC: Through the EDC Finance Corporation (EDCFC), a 15-year loan worth $2,250,000 at a 3.75-percent reset interest rate has been approved. The loan is intended to facilitate the acquisition and development of a property comprising four industrial buildings and five real estate parcels in East Lampeter Township. Occupying a total area of 21.72 acres and 136,542 square feet, the site will accommodate five existing tenants and market unoccupied space to future occupants. The total project cost amounts to $8,995,000.
Hiltz Holdings, LLC: Also through EDCFC, a 15-year loan of $2,000,000 at a 3.75-percent reset interest rate has been approved. The loan will fund the construction of a 44,650-square-foot industrial building and offices on a 16.64-acre site in East Donegal Township, Marietta. Driven by a 30% growth in sales over the last three years by its affiliate, Hiltz Propane Systems, Inc., the project will offer much-needed office space and staging areas for job materials and propane tank inventory. This project, with a total cost of $10,727,794, will retain 18 jobs and create an additional nine positions over the next three years.
The PIDA loan program is open to Pennsylvania-based businesses across various industries, including agriculture, manufacturing, industrial, research and development, hospitality, defense conversion, recycling, computer-related services, construction, child daycare, mining, developers, and retail and service enterprises.
These low-interest loans and lines of credit from PIDA are designed to support eligible businesses that are dedicated to creating and retaining full-time jobs, as well as aiding the development of industrial parks and multi-tenant facilities.
For more information about PIDA or DCED, visit the DCED website.
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