Pennsylvania Industrial Development Authority approves two loans totaling more than $2M

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The Pennsylvania Industrial Development Authority (PIDA) recently approved two low-interest loans totaling $2.3 million.

Through the Bucks County Economic Development Corp., Home Reserve was approved for a $740,000 PIDA Machinery and Equipment Loan Fund loan. The company will apply the funds toward purchasing $1.5 million in manufacturing machinery and processing equipment for use in its new Quakertown facility.

Equipment includes foam blowing, packaging textile, and industrial woodworking machinery.

Home Reserves manufactures and packages uniquely designed, flat-packed, and ready-to-assemble furniture. This project is expected to create 85 new positions over three years.

Through the Carbon Chamber Economic Development Corp., St. Luke’s Health Network Schoenersville Site was approved for a $1.5 million loan. The company will use the funding to construct a $3 million, 8,187-square-foot medical facility in Hanover Township.

The new facility will be entirely occupied by St. Luke’s Health Network and will fulfill the community’s need for quality health care in the township and the surrounding areas. Residents will have access to exams, pediatrics, procedures, laboratory services, X-Ray, physical therapy, and related uses.

The facility will service Lehigh and Northampton counties, create 55 new positions over three years, and retain 12 jobs.