New low-interest loans made to growing businesses in Beaver, Blair, Bucks, and Chester Counties
Governor Tom Wolf announced today that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans to four companies in the Beaver, Blair, Bucks and Chester counties to grow businesses, better serve, and create and keep their consumers 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.”
In 2021, PIDA approved soft loans of $ 38,577,782, which resulted in $ 91,045,930 in private investment and supported 1,592 full-time jobs created and maintained.
The approved projects are as follows:
Pauana Holdings, LLC received a 15-year loan of 1,240,000 million through Beaver County Corporation for Economic Development. The multi-tenant building consists mainly of flexible industrial areas. The building equipment comprises approx. 40% finished office / assembly area), seven dock-high sectional doors, an entrance door with a ramp and concrete aprons on each door. The total cost of the project is $ 3,200,000 and is expected to create at least 25 new full-time positions over three years.
MacInnis Group, LLC was established through Altoona-Blair County Development Corporation for a 15 year loan of $ 700,000 at a 1.5 percent reset rate to purchase 55 acres of undeveloped land (two parcels) in Greenfield Township, Blair County , approved. The land is immediately used by Pennstress as a parking space for larger concrete structures that are manufactured in their nearby plant. The total cost of the project is $ 1,400,000.
701 Canal St LLC has approved a $ 627,600 15 year loan through Bucks County Economic Development Corporation at a fixed rate of 2.5 percent for the purchase of a 41,792 square foot multi-tenant facility in Bristol Borough, Bucks County . The building is divided into eleven units, with each rental area varying between 650 mÂ² and 5,034 mÂ². The facility is currently occupied by nine tenants, eight of whom use their space for light manufacturing, storage and sales. The total cost of the project is $ 1,600,000.
JD Eckman, Inc. has been approved by the Chester County Economic Development Council for a 10-year loan of $ 910,000 at a fixed rate of 2.5 percent to expand JD Eckman’s existing corporate headquarters in West Sadsbury Township, Chester County . The property consists of an existing 27,000 mÂ², three-story, owner-occupied office building. The PIDA project will be adding a 29,400 sq. ft of large single-story high-bay flex space. The new space will include three standard doors and five high bay doors and will be used primarily as a warehouse and repair shop for the company’s vehicles and equipment. The total cost of the project is $ 4,050,000.
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.