Lehigh Times

Six low-interest loans were approved recently that are intended for business growth while creating and retaining hundreds of jobs across Pennsylvania.

According to a press release by Gov. Tom Wolf on Nov. 2, the loans are through the Pennsylvania Industrial Development Authority and will benefit five counties across the commonwealth. It is expected that 287 jobs will be created and retained.

“My administration and I remain committed to supporting growing businesses across the commonwealth, and the PIDA loans approved today will allow these companies to grow and expand,” Wolf said. “Providing resources for companies to succeed in Pennsylvania is vital to our economy, our communities, and our livelihoods.”

In Northampton County, one project was for Green Leaf Productions through the Lehigh Valley Economic Investment Corporation. In order to build a 10,450-square-foot office, a 10-year, $945,000 loan at a 3% reset interest rate was approved. The building will be at 161 North Commerce Way in Bethlehem, Hannover Township. The project site will be a full-service multimedia production facility for Green Leaf Productions, and it will create more production space. It is a $2.1 million project with the company committing to the creation of 25 new and full-time jobs over a three-year period.

The Continental Cup Co. was approved for a 10-year, $210,000 loan at 3.75% set interest rate for purchasing machinery and equipment. This was through the Lehigh Valley Economic Investment Corp. Equipment includes a lid automation system, dome lid mold, die cutter and punching machine, forklifts and more. The project costs $491,562 and 44 new jobs will be created, with 27 retained over three years.

In Armstrong County, RIDC Southwestern Pennsylvania Growth Fund, through the Regional Industrial Development Corp. of Southwestern Pennsylvania, had a 15-year, $2.25 million loan approved at a 4% fixed interest rate. This is to purchase 5.10 acres to build a 30,000-square-foot industrial flex building at the RIDC Armstrong Innovation Park in Freeport, South Buffalo Township. This is a $5,075,000 project with two other companies to occupy the facility. About six full-time jobs will be created.

In Bucks County, Grundy Commons LLC was approved for a $15-year, $2.25 million loan at a 3% reset interest rate. This was through Bucks County Economic Development Corp. and will be used to purchase a 318,921-square-foot mixed use, multi-tenant building in Bristol Borough. This is a $14.75 million project.

In Lackawanna County, Trichilo Foods was approved for a 15-year, $568,000 loan through Northeastern PA Alliance. This is at a 3% fixed interest rate. The $1,136,000 project will be for renovations and expansions of the 22,415-square-foot cold-storage warehouse in Carbondale. There will be 24 new full-time jobs and 25 jobs retained over three years.

In Wyoming County, Deer Park Lumber Inc. was approved for a 10-year, $3 million loan at a 2.5% fixed interest rate. This is to buy machines and equipment, as part of an effort to increase productivity 10% to 15%. This is a $7,854,000 project and eight new full-time jobs will be created with 74 retained over three years.

So far this year PIDA has approved $41,505,998 in low interest loans. This has led to $90,918,585 in private investment and also helped created and retain 998 full-time jobs. Since 2015, PIDA has approved $403,284,275 in low-interest loans leading to $818,899,754 in private investments, while also creating and retaining 15,763 full-time jobs.