Five new low-interest loans approved through Pennsylvania Industrial Development Authority

Gov. Tom Wolf announced Wednesday five new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for five businesses in Berks, Cumberland, Lancaster, Somerset, and Wayne counties.

“The funding announced today will help these businesses grow or expand by providing capital at low interest rates, which is crucial for small businesses,” Wolf said. “My administration is committed to enhancing our business climate for our economy and for the well-being of families across the state.”

The funding will help create and retain nearly 100 jobs across Pennsylvania.

One of the loans was provided to M Land Develop, LLC, a land development company, based in Lancaster County. The $2.25 million, 15-year loan at a 2.5 percent reset rate through EDC Finance Corporation will be used for the purchase of a 61.9-acre parcel in Paradise Township.

Weidner Construction Services, LLC, a construction management services company, received approval for a $380,000, 15-year loan at a 3.5 percent rate through the Cumberland Area Economic Development Corporation for the acquisition of a 6,324-square-foot building in Upper Allen Township.

X-Cell Tool and Mold, Inc., a manufacturer of precision tools and plastic molds for the medical, electronics, consumer goods, and telecommunications industries, will receive a $298,125, 7-year loan at a 3.5 percent rate through the Enterprise Development Center of Erie County for the purchase of new machinery and equipment.

The other loans approvals were for Platinum Cafe & Lounge, Inc. in Berks County, the Highlands Group, LLC in Somerset County and Ben Rinker Electrical Contracting, Inc. in Wayne County.