The Pennsylvania Industrial Development Authority (PIDA) recently approved three low-interest loans totaling $3.4 million.
Collectively, the projects will retain 128 existing jobs, create 135 full-time jobs, and add more than $7.2 million into the local economy.
“Through PIDA, we’re giving Pennsylvania businesses the tools they need to grow, compete, and create good-paying jobs in communities across the commonwealth,” Rick Siger, Department of Community and Economic Development secretary, said. “These investments in Bucks and Westmoreland counties will drive new economic activity, support our manufacturing sector, and deliver real opportunities for workers and families.”
PIDA approved a $2 million loan for Premier Automation in Westmoreland County, through the Regional Industrial Development Corporation of Southwestern PA, and a $400,000 loan.
The company will use the $2 million loan to help the renovate a 169,297-square-foot industrial facility in Murrysville and the $400,000 loan to purchase machinery and equipment. The two projects total $4.9 million.
PIDA also approved a $1 million loan for Michael Calvin, through the Bucks County Industrial Development Authority. The company will use funding to help purchase and renovate a 15,280-square-foot facility in Bensalem.
PIDA provides low-interest loans and lines of credit to businesses that commit to creating and retaining full-time jobs.