The Pennsylvania Industrial Development Authority (PIDA) recently approved two new low-interest loans totaling $2.7 million.
The Regional Industrial Development Corporation Southwestern Pennsylvania Growth Fund, through the Regional Industrial Development Corporation of Southwestern PA, was approved for a 15-year $2.3 million loan.
Funding will be used to purchase land in Braddock and build a multitenant building offering flex industrial space for robotics, visual effect areas, and other technology industries.
The project will cost a total of $10 million.
RLS Construction Group, through the Cumberland Area Economic Development Corporation, was approved for a 15-year $400,000 loan to purchase and renovate a building in Mechanicsburg. The group will repurpose the building into industrial space.
The project will cost a total of $1.5 million and is expected to retain 18 positions and create six full-time jobs within three years.
“The PIDA loans approved today will provide the support needed for these businesses to create economic growth,” Gov. Tom Wolf said. “It is always considered a win when we are able to help businesses expand and succeed right here in Pennsylvania.”
PIDA has approved $23.4 million in low-interest loans so far this year. This has resulted in $49.8 million in private investment and supported 743 full-time jobs.