The Pennsylvania Industrial Development Authority (PIDA) recently approved two low-interest loans.
“Today’s funding is invaluable in assisting these two businesses in their next steps to improve operations and best serve clientele,” Gov. Tom Wolf said. “PIDA’s affordable loans play a critical role in helping businesses in Pennsylvania expand and succeed, contributing to our growing economy and bringing new jobs and opportunities to surrounding communities.”
Sterling Machine Technologies, through the Lebanon Valley Economic Development Corp., in Lebanon County was approved for a $400,000 loan.
Funding will go toward the $808,947 construction a 3,500-square-foot building on its Palmyra property, the purchase of used equipment, and the upgrade of existing equipment at its South Londonderry Township facility.
The company leases a facility in Lebanon for its welding department. Once construction is completed, operations will be consolidated in the new facility.
The project is expected to create two full-time jobs within three years and retain 36 current positions.
Scott ’s Bayfront Hotel, through the Northwest Pennsylvania Regional Planning and Development Commission, in Erie County was approved for a $200,000 loan. The hotel will put the funding toward the $803,647 construction and renovation of an outdoor dining and entertainment venue known as Oliver’s Beer Garden.