Pennsylvania Gov. Tom Wolf announced more than $9 million in low-interest loans on Wednesday, saying they will support business growth in five counties.
The loans, through the Pennsylvania Industrial Development Authority (PIDA), are expected to help businesses create and retain nearly 300 jobs.
“My administration and I remain committed to supporting growing businesses across the commonwealth, and the PIDA loans approved today will allow these companies to grow and expand,” said Gov. Wolf. “Providing resources for companies to succeed in Pennsylvania is vital to our economy, our communities, and our livelihoods.”
In Armstrong County, the Regional Industrial Development Corporation of Southwestern PA’s Southwestern Pennsylvania Growth Fund will receive a 15-year $2.25 million loan at a 4 percent interest rate to acquire more than 5 acres of land and construct a 30,000-square-foot multi-occupancy industrial flex building. The building will cost $5,075,000. Two additional companies are expected to occupy the facility creating a total gain of 60 full-time jobs.
Grundy Commons LLC, in Bucks County, will also receive a 15-year $2.25 million loan, but at a 3 percent interest rate for a $14 million, 318,921-square-foot mixed-use, multi-tenant building that will operate as a multi-tenant facility. The loan is through the Bucks County Economic Development Corporation.
Other loans include a $568,000 loan for Trichilo Foods in Lackawanna County for the expansion and renovation of their existing 22,415-square-foot cold storage warehouse; a $210,000 loan for Continental Cup Company, LLC in Northampton County to purchase machinery and equipment; and a $3 million loan for Deer Park Lumber, Inc, to purchase machinery and equipment.
The governor’s office said that to date, PIDA has approved $41.5 million in low-interest loans that have resulted in more than $90 million in private investment and supported the creation or retention of nearly 1,000 full-time jobs.