Pennsylvania Industrial Development Authority approves next round of business loans

The Pennsylvania Industrial Development Authority (PIDA) recently approved five new low-interest loans to businesses for expansion and job creation.

The authority also provides low-interest loans and lines of credit to companies for the development of industrial parks and multi-tenant facilities. For applications received by March 31, interest rates will vary between 2 percent and 3 percent.

“Access to low-interest capital is critical for small business growth,” Gov. Tom Wolf said. “The commonwealth’s partnership will provide the affordable capital needed to bolster expansion projects and job creation, without the burden of exorbitant interest rates.”

PIDA approved $52.9 million in low-interest loans last year, and so far this year has approved $3.4 million in low-interest loans.

A&F Holdings, a paper mill equipment manufacturer in Bucks County, was approved for $325,000. Funds will be used to purchase and renovate a 17,240-square-foot building in Warminster Township.

Groff Tractor Holdings, a distributor of heavy construction, roadbuilding, and recycling equipment in Cumberland County, was approved for $1.09 million for the expansion of its Silver Spring Township facility.

Custom Container Solutions, a manufacturer of industrial steel waste containers in Northumberland County, was approved for $2.2 million to expand its manufacturing facility in Milton Borough.