Gov. Tom Wolf announced Wednesday new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for eight businesses in five counties.
The loans, which total more than $12 million, will support the purchase, construction, and renovation of facilities and help create and retain thousands of jobs across Pennsylvania.
“By making continued investments in projects across the commonwealth, we’re creating jobs, supporting businesses, and making Pennsylvania a better place to live and work every day,” Wolf said. “These projects will benefit both businesses and their surrounding communities, providing welcome economic boosts in these regions.”
Included in the loan approvals was the approval of the Greater Berks Development Fund for two $2.25 million, 15-year PIDA loans at a 2.75 fixed interest rate. The loans will enable the Greater Berks Development Fund to acquire a 66.29-acre parcel of land in Ontelaunee Township. The project also involves the acquisition of an adjacent tract of land totaling 56.34 acres. Following the purchase of both tracts, the Greater Berks Development Fund will develop the land into two industrial parks. The project, which is estimated to take five to seven years, will result in over one million square feet of new manufacturing and warehouse space and the creation of 800 to 1,000 full-time jobs.
Pod 5 at Rock Lititz LLC was approved for a $2.25 million, 15-year PIDA loan at a 1.75 percent reset rate through EDC Finance Corporation. The loan will be used for the construction of a 140,625-square-foot multi-occupancy building in Warwick Township. It is expected that 75 full-time jobs will occupy the facility once fully leased. The total project cost is $13,227,393, with additional funding coming from a $2,284,000 Building PA loan.
Pod 1 at Rock Lititz LLC was approved for a $2 million, 15-year PIDA loan at a 1.75 percent reset rate through EDC Finance Corporation. The loan will enable Pod 1 at Rock Lititz LLC to construct a 113,110-square-foot, single-tenant building in Warwick Township, which will be fully occupied by Clair Global Corp. The total project cost is $24,360,649, with additional funding from a $3,967,207 Building PA loan. Through the project, Clair Global Corp. will retain 100 full-time jobs.