The Pennsylvania Industrial Development Authority (PIDA) approved more than $84 million in loan financing in 2018, Gov. Tom Wolf said Wednesday.
“Providing access to capital is one of the best ways we can help businesses of all sizes grow and expand,” Wolf said. “The loans approved in 2018 through PIDA are helping lay the groundwork for these businesses to create jobs and positively impact their local economies for years to come.”
The $84,034,418 in low-interest loans have resulted in $119,561,991 in private investment and supported the creation and retention of 4,316 full-time jobs.
PIDA is an independent authority that is staffed and regulated through the Department of Community and Economic Development (DCED). The authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
One 2018 PIDA loan recipient was Creekside Springs in Beaver County, which provides water to beverage companies, supermarkets, large retailers and other businesses in Pennsylvania and Ohio. In June 2018, Gov. Wolf announced that PIDA approved the company for a $400,000 loan to upgrade its bottling and production line in its New Brighton facility.
“The PIDA loan advanced our timeline to install the production line and transform our New Brighton facility from a warehouse into a functional bottling facility faster than anticipated,” James Sas, managing partner of Creekside Springs, said. “Pennsylvania felt like the right place for Creekside Springs to grow and operating here has exceeded our expectations.”