Three projects supporting business expansion, job retention awarded $1.28M in low-interest loans

The Pennsylvania Industrial Development Authority (PIDA) recently approved $1.28 million in low-interest loans for three projects.

Through the Bucks County Economic Development Corp, Martelli Realty received 10-year, $522,000 loan for the purchase of a 15,128-square-foot industrial building in Ivyland.

The purchase will allow Martelli Companies, an equipment moving and transportation provider, to expand.

Doyle Machine Tool will occupy approximately 75 percent of the space while various other Martelli Companies will occupy the remainder.

Through EDC Finance Corp, Homestead Nutrition received a 15-year, $550,000 loan for the purchase of two industrial properties located in New Holland Borough.

The purchase will allow the crop and livestock nutritional supplements producer to consolidate its operations into two contiguous parcels.

A 22,806-square-foot building will be comprised of mostly warehouse and light manufacturing space, while a 5,035-square-foot building will be primarily warehouse and light manufacturing space.

Through Lebanon Valley Economic Development Corp, Lylab Technology Solutions received a 15-year, $213,776 loan to renovate a 3,744-square-foot building in Lebanon City.

The renovation will allow the computer and IT related services company to improve efficiency and accommodate a private data center.

In 2020, PIDA approved $44.5 million in low-interest loans, which resulted in 1,434 full-time jobs.