The Pennsylvania Industrial Development Authority (PIDA) recently approved a 10-year, $354,742 loan to support business growth in Franklin County.
The agency approved the loan for Hopewell Manufacturing through the Franklin County Area Development Corp., for purchasing machinery and equipment at its Waynesboro Borough facility.
Machinery and equipment include a batch powder booth, industrial batch oven, two forklifts, paint mix room, and a spray booth with conveyor system. The purchase will allow the company to expand production to keep up with increased sales.
The loan has a 4.75 percent fixed interest rate.
The project cost is expected to cost $709,485, and will retain 16 full-time jobs within three years.
“Ensuring companies have the ability to grow and expand in Pennsylvania is a vital component of our economy, our communities, and our livelihoods,” Gov. Tom Wolf said. “PIDA loans, like the one approved today, help provide the resources companies need for continued success here in the commonwealth.”
PIDA approved $53.9 million in low-interest loans last year that resulted in $114 million in private investment and supported the creation or retention of 1,304 full-time jobs.
PIDA has approved $415.6 million in low-interest loans since 2015 that have resulted in $842 million in private investment.