PIDA approves four low-interest loans

The Pennsylvania Industrial Development Authority (PIDA) recently approved four new low-interest loans.

So far this year, PIDA has approved $42.8 million in low-interest loans.

Van Industries in Berks County, through the Greater Berks Development Fund, received a $795,175 loan to purchase a fiber high-speed laser cutter. The purchase will allow the company to expand production. The project costs total $1.6 million and is expected to create five full-time jobs and retain 25 current positions.

The Regional Industrial Development Corporation Southwestern PA Growth Fund in Lawrence County, through the RIDC of Southwestern PA, received a $2.25 million loan to purchase 247 acres. The corporation will development the land into an industrial park. The project costs $3 million.

The Greater Hazleton Community Area New Development Organization in Luzerne County received a $2 million loan to construct a 47,000-square-foot single tenant manufacturing facility. The project costs $7.3 million. The tenant is expected to create 50 full-time jobs within three years.

Wyatt in Westmoreland County, through the Economic Growth Connection of Westmoreland, received a $2 million loan to construct a 132,053-square-foot manufacturing facility. The project costs $13.06 million and is expected to create 15 full-time jobs and retain 85 current positions.