The Pennsylvania Industrial Development Authority (PIDA) recently approved more than $2 million in low-interest loans
PIDA provides businesses that commit to creating and retaining full-time jobs with low-interest loans for construction and renovation costs, industrial park projects, land and building acquisitions, machinery and equipment purchases, multi-tenant facility projects, and working capital and accounts receivable lines of credits. It also provides lines of credit.
“PIDA loans are one of the commonwealth’s key economic development investment tools to help generate business growth and create new jobs,” Rick Siger, Department of Community and Economic Development secretary, said. “These loans awarded in Allegheny and Franklin counties will help businesses there expand and create new opportunities for residents—growth that will help achieve the Shapiro administration’s goal of making Pennsylvania an economic powerhouse.”
Welly through the Southwestern Pennsylvania Corporation was approved for a $1.99 million Machinery and Equipment Loan Fund loan for the purchase of machinery to establish a full manufacturing line for its bottle products in Plum Borough.
BBCD Enterprises through the Franklin County Area Development Corporation was approved for a $762,500 loan for the purchase an 18,273 sq. ft. industrial building on 5.91 acres in Waynesboro. The building will house Pro Tube, a mechanical and hydraulic tubing manufacturer.