Pennsylvania Industrial Development Authority Awards Funding to Support Business Expansion and Job Creation in Three Counties
(STL.News) – Governor Tom Wolf announced four new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will support the purchase of new technology and equipment; construct new warehouses, distribution facilities, and business parks; and support the creation of new full-time jobs across the commonwealth.
“Now, more than ever, our business owners and developers need to be equipped with all available resources to grow their companies, create jobs and stimulate the local economy,” said Gov. Wolf. “The investments made today will help Pennsylvania businesses bounce back from this unprecedented global pandemic, put people back to work, and develop buildings and land parcels for productive use.”
In 2020, PIDA has approved $15,592,714 in low-interest loans that have resulted in $30,869,532 in private investment and supported 1,010 created and retained full-time jobs.
The following loans were approved:
Protecall LLC, through the NEPA Alliance, was approved for a 15-year, $250,000 PIDA loan at a 0.75 percent reset rate, to purchase a 0.8-acre parcel of land and construct a 9,600-square-foot facility that will consist of 7,800 square feet of warehouse and light manufacturing space and 1,800 square feet of office space. Protecall LLC, formerly Protecall Coatings LLC, is a New Jersey-based business that modifies factory HVAC systems. The company was recently acquired by new owners, who will relocate the business to Scott Township. The light manufacturing and warehouse space will allow the company to apply protective coatings in-house, store the units and distribute them as needed. The total project cost is $500,000 and the project will relocate seven full-time jobs from New Jersey to Pennsylvania within three years.
High Properties, through EDC Finance Corporation, was approved for a 15-year, $2 million PIDA loan at a 0.75 percent reset rate, to construct a new industrial park, to be known as Greenfield North, located at Willow and Greenfield Roads in East Lampeter Township. The project site is contiguous to the borrower’s developed 650-acre Greenfield Industrial Park, and the new park will total 51 acres and will be divided into four lots for development. Two lots are included in the PIDA project scope, identified as Lots 4 and 5, and encompassing 28 acres. PIDA funds will be utilized for site development work, required to be completed before construction of the main access road into the park, and site development work at lots 4 and 5, required to make the two sites shovel ready for future development. The total project cost is $2,714,165, and site development is anticipated to be completed in the spring of 2021.
Novelty Manufacturing Co., through EDC Finance Corporation, was approved for a 10-year, $400,000 PIDA loan at a 1.75 percent fixed interest rate to purchase machinery and equipment for its facility at 1330 Loop Road in Manheim Township. The company manufactures top-quality PVC and polyethylene lawn and garden goods such as planters, pots, watering cans and gardening systems. The company has continued to grow and expand its business which has created a need for additional equipment, and the equipment that will be purchased includes a new blow molding machine. The total project cost is $828,865, and the company will retain 39 full-time employees over the next three years.
Weaver Investments Inc., through Economic Growth Connection of Westmoreland, was approved for a 15-year, $2.25 million PIDA loan at a 0.75 percent reset rate, to construct a 100,000-square-foot warehouse/flex space multi-occupancy building with an additional 100,000 square feet of parking space. The project, expected to be completed in spring 2021, will be located on Lot #17 at 1400 Randall Court in Penn Township. Weaver Investments Inc. is a privately held family corporation specializing in the development and leasing of office and industrial space. The total project cost is $4.98 million, and 75 percent of the property will be leased to MedCare Equipment Company LLC, which provides a wide variety of medical supplies to health care facilities such as physicians’ offices and long-term, assisted living and personal care facilities.