Erie County Times

This week, Gov. Tom Wolf announced nine new low-interest loans that will support business expansion in the counties of Beaver, Berks, Bucks, Dauphin, Erie, Fayette, and Lancaster.

Wolf announced the loans, which are being made through the Pennsylvania Industrial Development Authority (PIDA), in a May 4 press release from his office. Since Jan. 1, PIDA has approved nearly $9 million in low interest loans resulting in $16,170,748 in private investments. It has also supported 269 full-time jobs and the new loans will help create and retain at least 375 jobs.

Since 2015, PIDA has approved more than $361 million in low interest loans, resulting in private investment of nearly $727 million and 14,765 full-time jobs, the release stated.

“The PIDA loans approved today provide the support needed for these nine businesses to expand and succeed,” Wolf said in the release. “Through the acquisition of new property, the expansion of existing buildings, and the purchase of new equipment, this funding ensures these businesses can grow their operations right here in Pennsylvania.”

In Beaver County, Selectrode Industries, Inc., through the Beaver County Corporation for Economic Development, was approved for a 10-year, $327,583 loan at a 2.5% fixed interest rate to purchase machinery and equipment, according to the release. In Berks County, F.M. Brown’s Sons Incorporated, the Greater Berks Development Fund, was approved for a 10-year, $700,000 loan with a 2.5% fixed interest rate to buy processing and packing equipment. The funding will support a $1.4 million project that could create 10 full-time jobs and retain 89 jobs within three years.

In Bucks County, Aluminum Realty, LLC was approved for a $15-year, $1 million loan through the Bucks County Economic Development Corporation, with a 1.5% reset interest rate to buy a 14,229 square foot, one story, multi-tenant building, the release stated. The total project cost is $2 million.

In Erie County, the Enterprise Development Center of Erie County (EDCEC) was approved for a 15-year, $2.25 million loan at a 1.5% reset interest rate to build a 90,000 square foot warehouse and distribution center, according to the release. This project has a total cost of $9,219,450. Berry Global, Inc. has committed to creating 15 full-time jobs and retain 145 current positions in three years to support the project.

In Fayette County, the Fay-Penn Economic Development Council was approved for a 15-year, $2.25 million loan at a 2.5% fixed interest rate to build a one story, 100,000 square foot pre-engineered, light industrial, multi-tenant, partially finished building, the release stated. The project costs $5,788,715.

In Lancaster County, Fox Chapel Publishing Company, through the EDC Finance Corporation, was approved for a 15-year, $1.8 million loan at a 1.5% reset interest rate to build a 37,500 square foot addition to the existing 41,000 square foot facility. The total project cost is $4 million, and the company expects to retain 50 jobs over three years.

Hoober, Inc was also approved for a 15-year, $1,533,000 loan at a 1.5% reset interest rate to build a 22,400 square foot free standing building, according to the governor’s office. The project cost is $3,066,000 and Hoober has committed to retaining 86 jobs over three years.

In Perry County, Duncannon Business Park 3, LP, was approved for a 15-year, $1,050,000 loan at a 1.5% reset inters rate to construct a 44,251 square foot building for a hatchery, the release stated. This was made possible through the Capital Region Development Corporation. The cost for the project is $12,352,850 and 14 jobs over three years will be created.