State approves low-interest loans for three projects

The Pennsylvania Industrial Development Authority (PIDA) recently approved three low-interest loans totaling $51.3 million, which will create or retain 1,951 full-time jobs and result in $101.5 million in private investment.

“This funding will have a real, tangible effect on Pennsylvania’s communities — providing them with services, jobs, and revenue,” Gov. Tom Wolf said. “The more than $51 million in critical capital funding granted this year will directly benefit businesses, employees, and job-seekers, stimulating the local economy and filling critical service gaps.”

PIDA provides low-interest loans and lines of credit to Pennsylvania businesses committed to developing multitenant facilities and industrial parks or creating and retaining full-time jobs.

JaMaCavey in Adams County was approved for a $274,998 loan. The company will purchase a vacant 7,708 square-foot commercial building and an attached 4,021 square-foot residential unit and renovate it into a new daycare facility serving children ages six weeks to 12 years.

Mannion Fabrication in Chester County was approved for an $81,000 loan. The company will purchase machinery and equipment and will occupy a larger building.

Pan-X Services, through the Bucks County Economic Development Corp., was approved for a $668,000 loan. The real-estate developer will purchase and renovate a 21,870 square-foot multi-tenancy building in Montgomery County.