Gov. Tom Wolf announced Wednesday new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for three businesses in Bedford, Bucks and Philadelphia counties.
The funding will enable the purchase, construction and renovation of facilities, enable the purchase of new equipment and help create and retain 105 jobs across the commonwealth.
“My administration remains committed to assisting business expansion across the commonwealth,” Gov. Wolf said. “The new funding approved today will infuse the critical capital needed for these three businesses to create new opportunities and new jobs for Pennsylvanians.”
Tram-Bar Co-Packing, a manufacturer of organic energy bars, received approval for a $1.39 million, 10-year real estate loan at a 2 percent reset rate and a $400,000, seven-year machinery and equipment loan at a 3 percent fixed rate through the Altoona-Blair County Development Corporation. The loans will enable the company to purchase a 3.24-acre lot and build a new manufacturing facility in Bedford Township. They will also assist with the purchase and installation of machinery and equipment. The company is expected to create 36 full-time jobs within three years.
Remodeling Concepts, a residential and commercial remodeling contractor serving the greater Philadelphia area, was approved for a $400,000, 15-year loan at a 2 percent reset rate through the Bucks County Economic Development Corporation. The company will use the loan to purchase a new building in Middletown Township and complete additional renovations. The company is expected to create four full-time jobs and retain 21 existing jobs over three years.
Center City Pediatrics, a Philadelphia-based pediatric health care enterprise, received approval for a $300,000, 15-year real estate loan at a 2 percent reset rate and a $30,000, 10-year machinery and equipment loan at a 3 percent fixed rate through PIDC Financing Corporation. The loans will aid in the renovation of a new office building and the installation of solar panels. The company is expected to create five full-time jobs and retain 39 existing jobs over three years.