Governor Tom Wolf announced the approval of three new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in three Pennsylvania counties, which will help create and to retain 56 jobs.
“Ensuring Commonwealth businesses have the ability to grow and expand is vital to our economy, our communities and our livelihoods,” Governor Wolf said. “The PIDA loans approved today will provide the resources these businesses need to continue to be successful here in Pennsylvania.”
To date in 2022, PIDA has approved $38,844,518 in low-interest loans that have leveraged $81,724,754 in private investment and supported the creation and maintenance of 942 full-time jobs. Since 2015, PIDA has approved $400,622,795 in low-interest loans that have leveraged $809,705,923 in private investment and supported the creation and maintenance of 15,707 full-time jobs.
The approved projects are as follows:
Plum Creek Farm, LLC, through the Greater Berks Development Fund, has been approved for a 15-year, $400,000 loan at a fixed interest rate of 3.5% to construct a manufacturing facility 4,800 square foot pretzel shop located at 5035 Bernville Road in Penn Township. The total cost of the project is $1,074,400 and the company is committed to creating 15 new full-time jobs and retaining 16 jobs within three years. The company previously received a PIDA loan of $1 million in 2019.
Gibson-Thomas Engineering Co., through Southwestern Pennsylvania Corporation, secured a $270,000 15-year loan at a reset interest rate of 3.0% to purchase an office building of 10,994 square feet located at 2200 University Drive, Lemont Furnace in North Union Canton. The total cost of the project is $600,000 and the company is committed to creating seven new full-time jobs and retaining seven employees within three years.
Superior Fine Grind, LLC, through Southwestern Pennsylvania Corporation, secured a 15-year loan of $391,480 at a reset interest rate of 3.0% to construct a 7,700-foot building square located at 1565 Mount Pleasant Connellsville Road in the Township of East Huntingdon. The total cost of the project is $869,955 and the company has committed to creating six new full-time jobs and retaining five employees within three years.
For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development programs and initiatives, visit the DCED website and be sure to stay up to date with all agency news on Facebook , Twitterand LinkedIn.