Eight business projects in six counties throughout Pennsylvania received new low-interest, small business loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program, according to an announcement made by Gov. Tom Wolf Wednesday.
PIDA, an independent authority staffed and regulated by the Department of Community and Economic Development, approved a total of more than $8.5 million this month in fixed, low-interest loans to small business projects in Bedford, Berks, Bucks, Centre, Crawford, and Lancaster counties. The new approvals will help create and retain nearly 700 jobs throughout the commonwealth.
“These projects approved today will help create and retain Pennsylvania jobs, and stand as great examples of how providing access to capital helps businesses of all sizes, but especially small businesses, grow and thrive,” Wolf said. “My administration is committed to cultivating a robust business climate here in Pennsylvania so small businesses can achieve success.”
PIDA has already approved $46.6 million in low-interest loans thus far in 2018, which have resulted in $64.5 million in private investment and supported the development and retainment of 2,358 full-time jobs.
Captive-Aire Systems, Inc., a manufacturer of commercial kitchen ventilation equipment, was approved for a $2 million, 15-year loan for the expansion of its manufacturing facility in Bedford County. The loan is expected to retain 133 full-time employees and create 12 new full-time jobs in the next three years.
Berks County will see two new projects through the expansion of B&G Glass Service, Inc. – which was approved for a $1 million loan – and the acquisition of a new building for Empire Group of Reading, PA, Inc. – which was approved for a $450,000 loan. B&G Glass is expected to retain 36 full-time jobs over the next three years through its loan, which Empire Group is expected to retain 138 full-time jobs in the same time.
Home Healthworks, Inc., which provides respiratory equipment, patient room aids, bathroom safety aids, and other medical equipment, was approved for a $386,000, 15-year loan. It will be used to acquire two condominium units located in Bucks County for warehousing, staging, and restoring equipment. The project is expected to retain 25 full-time jobs.
In Centre County, Moshannon Valley Economic Development Partnership, Inc. was approved for a $77,500, 15-year loan for the renovation of the Moshannon Valley Enterprise Center, which provides low-cost building space for entrepreneurs and existing businesses.
Acutec Precision Aerospace, Inc., an aerospace and subassembly supplier, was approved for a $2,248,800 loan through the Economic Progress Alliance of Crawford County for the renovation of 70,000 square feet of vacant space for manufacturing purposes. The project will also cover the construction of 13,000 square feet of warehouse space to accommodate business growth. The loan is expected to help retain 307 full-time jobs and create an additional 60 within the next three years.
Finally, Lancaster County will also see the development of two new business projects with a $584,000, 10-year loan approved for Flex-Cell Precision, Inc., a full-service CNC milling shop for military and commercial electronics enclosures, and a $400,000, 10-year loan for Weaver Industries, Inc., a family-owned and operated CNC service provider specializing in graphite and urethane products. Flex-Cell is expected to retain 30 full-time jobs in the next three years while Weaver is expected to retain 58.