The Pennsylvania Industrial Development Authority (PIDA) recently approved a $1.08 million loan for Lampire Biological Labs in Bedford County through the Southern Alleghenies Planning & Development Commission.
The loan will be used to improve a 182-acre farm facility and a 125-acre farm.
Hometown Bank will be providing a matching loan that will be used for the improvements as well as improvements to a 157-acre farm on Cherry Lane.
The improvements include interior framing and painting, electric, HVAC, pens and other barn restoration/upgrades, and improvements. The project is expected to increase operational effectiveness and expand capacity.
Lampire will provide $137,748 in equity. The project will retain 65 jobs and create 12 full-time positions within three years.
“The PIDA loan approved today is an investment in a homegrown company that began in Pennsylvania more than 44 years ago,” Gov. Tom Wolf said. “This funding will support Lampire Biological Labs as they hire new employees, boost their local economy, and continue to grow and expand right here in the commonwealth.”
PIDA has provided Lampire with six previous loans to support its growth. Those loans were through the Southern Alleghenies Planning & Development Commission, Bedford County Development Association, and Lehigh Valley Economic Investment Corp.
Last year, PIDA approved $50.6 million in low-interest loans.