Philly Leader

Gov. Tom Wolf has announced the approval of eight new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) in support of business growth that will create and retain 233 jobs.

A recent press release from Wolf’s office explained that the PIDA loans will be distributed across six counties in Pennsylvania. So far this year, PIDA has approved $27,600,519 in these loans with a result of $58,677,680 in private investments, supporting 767 created and retained full-time jobs. Since Wolf got into office in 2015, PIDA has approved $389,478,796 in the low-interest loans, resulting in private investment of $786,658,849 and supporting 15,532 created and retained full-time jobs.

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

In Bucks County, 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. The loan is through the Bucks County Economic Development Corporation. Btec Solutions is currently leasing 45% of the facility. 

Machinery and equipment will be purchased and installed. 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 totals $13,363,268 and 86 full-time jobs will be retained over three years.

In Carbon County, 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. The facility will be leased to St. Luke’s Health Network Inc. The project costs $3,528,000, and the company committed to creating 35 new full-time jobs and retaining 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 improvements and renovation to their manufacturing facility. It is a $400,000 project, and three new jobs will be created with nine positions retained over three years.

In Philadelphia County, Mulherins EM LLC was approved for a seven-year, $200,000 loan to help buy machinery and equipment for a new restaurant space at 1100 Market St. The project is $400,000, and 50 full-time jobs will be created.

In Snyder County, 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. It is an $880,000 project that will create six new full-time jobs, and 28 positions will be retained over three years.

In Westmoreland County, 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 the Bushy Run Corporate Park. It is a $2,950,000 project.

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 for the development of 78.8 acres into three ready-to-build “pad ready” sites. This is project has a cost of $6,315,500.