The Pennsylvania Industrial Development Authority (PIDA) recently approved five new low-interest loans totaling more than $4.3 million to support businesses in Carbon, Delaware, Lancaster, Philadelphia and Wayne counties.
“PIDA is a powerful tool that enables us to make strategic investments that help Pennsylvania businesses grow, compete, and create more good-paying jobs in communities across the Commonwealth,” Department of Community and Economic Development Secretary Rick Siger said. “These low-interest loans are giving companies the tools they need to expand operations, modernize equipment, and bring new opportunities to five counties.”
The projects collectively will create 35 full-time jobs, retain 110 existing jobs and add more than $8.6 million into the local economy.
The approved loans include:
American Wire Works LLC and Ace Metal Works, through the Delaware County Economic Development Corp., were approved for a $1.7 million loan for the purchase and renovation of an industrial manufacturing facility in Folcroft Borough. This will allow the companies to consolidate operations into a single location.
Cyprium Solutions, through the EDC Finance Corporation, was approved for a $1.4 million loan for the renovation of a 20,668-squre-foot facility in West Hempfield Township that will serve as its new headquarters.