Philly Leader

Gov. Tom Wolf recently approved nine low-interest loans that support business expansion in the counties of Beaver, Berks, Bucks, Dauphin, Erie, Fayette, Lancaster and Perry.

The loans are funded through the Pennsylvania Industrial Development Authority (PIDA) and are intended to create and retain at least 375 jobs, Wolf's office reported in a release. This year, PIDA has provided nearly $8.9 million in low-interest loans that have yielded over $16.1 million in private investments. It has also helped create and retain 269 full-time jobs.

"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. will be receiving a 10-year fixed-rate loan of $327,583 at 2.5% interest for buying machinery and equipment, made possible through the Beaver County Corporation for Economic Development, Wolf's office reported.

Through the Greater Berks Development Fund, F.M. Brown's Sons Inc. in Berks County will be receiving a 2.5% fixed-rate 10-year loan of $700,000 to buy processing and packing equipment, Wolf's office reported. This loan will go toward a $1.4 million project that plans to create 10 full-time jobs and retain 89 jobs over three years.

In Bucks County, Aluminum Realty LLC will be receiving a 15-year reset-rate loan at 1.5% interest of $1 million to purchase a multi-tenant, single-story, 14,229-square-foot building, Wolf's office reported. This loan comes through the Bucks County Economic Development Corp. The project will cost $2 million altogether.

Also in Bucks County and through the Bucks County Economic Development Corp., Titan Mobile Shredding LLC will be getting a 2.5% fixed-rate 15-year loan of $600,000 toward a $1.5 million project said to retain 13 full-time jobs throughout the next three years, Wolf's office reported. The project consists of purchasing a nearly 15,0000-square-foot manufacturing facility.

In Erie County, the Enterprise Development Center of Erie County will be receiving a 1.5% reset-rate 15-year loan of $2.25 million to build a 90,000-square-foot warehouse and distribution center, Wolf's office reported. This project will cost over $9.2 million and is projected to create 15 full-time jobs and retain 145 jobs throughout three years.

In Fayette County, Fay-Penn Economic Development Council is slated to receive a 2.5% fixed-rate 15-year loan of $2.25 million toward building a single-story, 100,000-square-foot multi-tenant building, Wolf's office reported. The project will cost nearly $5.8 million.

In Lancaster County, Fox Chapel Publishing Company will be getting a 1.5% reset-rate 15-year loan of $1.8 million to add 37,500 square feet to an existing 41,000-square-foot warehouse, Wolf's office reported. The project will cost $4 million, and 50 jobs will be retained over a three-year period.

Also in Lancaster County, Hoober Inc. is set to receive a 1.5% reset-rate 15-year loan of over $1.5 million to construct a 22,400-square-foot building, Wolf's office reported. The project will cost over $3 million and will help retain 86 jobs over three years.

In Perry County, Duncannon Business Park 3 LP will be receiving a 1.5% reset-rate 15-year loan of over $1 million to build a 44,251-square-foot hatchery building, Wolf's office reported. The project will cost nearly $12.4 million and will create 14 jobs over three years.

PIDA has provided nearly $361.8 million in low-interest loans, yielding a private investment of almost $728 million and 14,765 full-time jobs, Wolf's office reported.