The Pennsylvania Minority Business Development Authority (PMBDA) recently approved $350,000 in loans for two minority-owned businesses in Bucks County.
“Growing Pennsylvania’s economy and creating thriving communities are top priorities of the Shapiro Administration,” Rick Siger, acting Department of Community and Economic Development secretary, said. “Providing resources to minority-owned businesses to help them grow and succeed is key to creating a strong economy in our Commonwealth. The loans approved today through the PMBDA will help make this happen.”
The agency approved a $100,000 loan for Numa Foods. The company produces all-natural candies and snacks inspired by traditional Asian recipes and made of taffy and peanuts. The company will use the funds to finance the installation of heavy-duty automated equipment. The project is expected to create one full-time job and retain two positions.
The agency also approved a $250,000 loan for FairyGene. The company provides turnkey service for skincare, haircare, and body care products. It will use the funding to help finance the purchase of machinery and equipment to improve production and increase its workforce. The project is expected to create four full-time jobs and retain three positions within three years.
PMBDA administers low-interest loan financing to businesses owned and operated by minorities.