Blair County Company Receives 700,000 Loans From Wolf Administration
HARRISBURG, Pennsylvania (WTAJ) – Governor Wolf announced that a Blair County company along with three other companies in additional counties has been approved by the Pennsylvania Industrial Development Authority (PIDA) for a soft loan to improve operations and more create jobs.
So far in 2021, PIDA has extended $ 38,577,782 in soft loans to businesses. These loans have generated $ 91,045,930 equity investment and have also helped create and maintain an additional 1,592 jobs.
“PIDA funding is an incredible tool for growing Pennsylvania businesses as they are taking the next critical steps to hone their skills and ensure they can continue to serve consumers reliably,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play an important role in my government’s commitment to supporting and growing the economy and state staff.”
MacInnis Group, LLC has been approved by Altoona-Blair County Development Corporation for a 15 year loan of $ 700,000 with a residual interest rate of 1.5 percent. The loan is used by the company to purchase 55 acres of land in Greenfield Township. Pennstress will use the land as a parking space for larger concrete structures that will be manufactured at their nearby facility. The total cost of the project is $ 1,400,000.
The three other counties where additional companies have been approved for the loan are listed below:
- Beaver county Pauana Holdings, LLC– Fifteen year loan of $ 1,240,000 million at a fixed rate of 2.5 percent to purchase 40,200 square feet of apartment building in Hopewell Township, Beaver County.
- Bucks County 701 Canal Street LLC, 15 year loan of $ 627,600 at a fixed rate of 2.5 percent to purchase a 41,792 square foot multi-tenant facility in Bristol Borough, Bucks County.
- Chester County JD Eckman, Inc, 10-year loan of $ 910,000 at a fixed rate of 2.5 percent to expand JD Eckman’s existing corporate office in West Sadsbury Township, Chester County
The total cost of these three projects is $ 8,850,000. For more information on PIDA initiatives, visit the Pennsylvania Department of Community and Economic Development website.
Register for the WTAJ newsletter for the latest local news, weather, and community events that matter to you.