Pennsylvania Department of Community and Economic Development Secretary Rick Siger announced his department had approved Pennsylvania Industrial Development Authority (PIDA) grants in three counties.
So far this year, the state has approved $9.9 million in low interest loans that have resulted in 56 full-time jobs and $20.7 million in private investment. Tuesday’s announcement of $3.3 million in low interest loans will create at least 8 new full-time jobs and retain 41 positions, the DCED said.
“These PIDA loans will help businesses in Carbon, Lawrence, and Westmoreland counties to grow, create new jobs, and support existing ones,” Siger said. “The Shapiro Administration is laser-focused on transforming Pennsylvania into an economic powerhouse and PIDA loans give Commonwealth businesses the tools they need to help make that happen.”
In Carbon County, Architectural Polymers, LLC was approved for a 15-year $772,650 loan at a 4.25 percent reset interest rate. Awarded through the Northeastern PA Alliance, the loan will cover the cost of a 4,000-square foot expansion of the company’s existing Lower Towamensing Township facility.
The Container Crafters, LLC in Lawrence County received a $400,000 10-year loan at a 5 percent fixed interest rate. Approved through the Lawrence County Economic Development Corporation, the loan will be used to purchase machinery and equipment for the company’s Shenango Township facility.
In Westmoreland County, ASG Investments, LLC, was approved for a 10-year $2.25 million loan at a 4.25 percent reset interest rate. The company worked with the Economic Growth Connection of Westmoreland, to get loan approval and will use the funding to purchase two multi-tenant, industrial buildings in the Latrobe Industrial Park.