Erie County Times

On Aug. 3, Gov. Tom Wolf announced eight new low interest loans through the Pennsylvania Industrial Development Authority (PIDA) have been approved to support business growth and job creation.

The loans will be distributed to projects in six counties and create or retain 233 jobs, according to a press release from Wolf’s office.  

“It’s critical to support the growth of our businesses and give them the help needed to thrive here in the commonwealth,” Wolf said. “The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies in their surrounding communities.”

Since Jan. 1, PIDA has approved $27,600,519 in loans which resulted in $58,677,680 in private investments, supporting 767 full-time jobs, the release stated. Since 2015, PIDA has approved $389,478,796 in low-interest loans resulting in private investment of $786,658,849 supporting 15,532 jobs.

Btec Solutions, Inc. was approved for a 15-year, $2,250,000 loan at 2.5% reset interest rate to purchase a 161,000 square-foot building on 5.88 acres of land in the enterprise zone at 913 Cedar Ave., Croyden, Bristol Township in Bucks County. The company is currently leasing 45% of the facility.

Machinery and equipment will be purchased and installed through grant funds. The company was approved for a 10-year, $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a 3.5% fixed interest rate. The project costs $13,363,268 and 86 full-time jobs will be retained over three years, according to the release.

Jim Thorpe Site, LLC was approved for a 15-year, $1,764,000 loan at a 2.5% reset interest rate to purchase an 8,400 square foot medical facility at 1122 North St., Jim Thorpe, Jim Thorpe Borough in Carbon County. The facility will be leased to St. Luke’s Health Network, Inc. The project is expected to cost $3,528,000 and create 35 full-time jobs and retain eight jobs within three years.

In Erie County, Equipment Reuse International LLC was approved for a 15-year, $199,999 loan at a 2.5% reset interest rate for renovations to the company’s manufacturing facility. This is a $400,000 project that will create three jobs, with nine positions retained over three years, the release stated.

Mulherins EM LLC was approved for a seven-year, $200,000 loan to purchase machinery and equipment for a new restaurant at 1100 Market St. in Philadelphia. The project will cost $400,000 and create 50 full-time jobs.

Penn Dairy, LLC had a 15-year, $400,000 loan approved at a 2.5% reset interest rate to build a 9,620-square-foot addition to their facility at 7199 County Line Road in Jackson Township in Snyder County. The project will cost $880,000, create six full-time jobs, and retain 28 positions over three years.

Weaver Development, Inc., was approved for a 10-year, $1,180,000 loan with a 20-year amortization at a 2.5% reset interest rate to buy 3.8 acres and build two 15,000 square foot industrial flex buildings in Bushy Run Corporate Park in Westmoreland County. This project will cost $2,950,000.

The Westmoreland County Industrial Development Corporation was approved for a 15-year, $2,250,000 loan at a 3.5% fixed interest rate for site preparation work to develop 78.8 acres into three “pad ready” sites. The project will cost $6,315,500.