Pennsylvania Approves Low-Interest Loans for 15 Business Projects

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The state of Pennsylvania approved low-interest loans for 15 business projects in different counties to help create and retain nearly 500 jobs statewide.

Gov. Tom Wolf said the approvals were made through the Pennsylvania Industrial Development Authority (PIDA). The governor believes the business projects will “provide a boost to several sectors” of the state’s economy.

Additionally, the governor said, “PIDA is an excellent program that enables crucial access to capital for businesses and these projects approved today will create jobs, develop properties, and spur additional investment.”

This year, PIDA approved $24 million in low-interest loans. As a result, the recipients of those low-interest loans created and retained 1,478 full-time jobs. They also made private investments worth $35.6 million.

Business projects receiving low-interest loans

This month, PIDA approved around $12 million in fixed, low interest loans for projects in the following counties:

  1. Bradford County—Moore Trucking LCC—$540,000, 15 year loan at 3.5% fixed interest rate. The company will use the loan to acquire a building in Canton Township and renovate offices, a wash bay, tire/parts room, and drainage. The project is expected to retain 35 existing employees and add 20 full-time workers.
  2. Cumberland County—Cliff’s Restaurant Group—$199,000, 10-year loan at a 2 percent fixed rate. The company needs the money to purchase new machinery and equipment for its new restaurant in Lower Allen Township.
  3. Erie County—X-Cell Tool and Mold, Inc—$500,000, 15-year loan at a 2 percent fixed rate. The company will expand and renovate its production facility in Fairview. It is expected to retain 48 full-time jobs and create 5 full-time workers.
  4. Fayette County—Johnson Tax & Accounting—$130,000, 15-year loan at a 2 percent fixed rate. The firm will construct a building at Connellsville.
  5. Jefferson County—Cathedral Pines, Inc—$318,000, 10-year loan at a 2 percent fixed rate. The company will renovate and upgrade its kitchen and lodge, and replace two cabins. It will also buy new kitchen equipment and pave the driveway at the Gateway Lodge in Cooks Forest State Park. The project will create four full-time jobs and retain 14 full-time employees.
  6. Lancaster County—Kourt Security Partners, LLC and Security Partners, LLC—$1.92 million, 15-year loan at a 2 percent fixed rate. The firms will construct two poultry boiler barns on the Moyer’s existing farm at East Hanover Township.
  7. Lehigh County— Coretech International—$252,000, 10-year/20-year amortization loan at a 2 percent fixed rate. The company will acquire an industrial building at Whitehall Township. It will hire three additional workers.
  8. Lehigh County-Gooch Thermal Systems—$1.1 million, 15-year loan at a 2 percent fixed rate. The company will use the loan to acquire an industrial building at Whitehall Township. The project will create 15 full-time jobs and retain 10 existing jobs.
  9. Luzerne County—Greater Hazelton Community Area New Development Organization, Inc. (CAN DO) — $2 million, 10-year/20-year amortization loan at a 2.5 percent 5-year reset rate. It will buy an industrial building located in Hazle Township.
  10. Montgomery County— Alexanderwerk, Inc—$765,000, 15-year loan at a 2 percent fixed rate. The company will purchase a facility in Montgomeryvill. The project will retain nine full-time jobs and create nine full-time jobs.
  11. Northumberland County—R&F Family Farms—$400,000, 15-year loan at a 2 percent fixed rate. It will use the loan for the construction of a foot hog finishing facility in Shamokin Township.
  12. Somerset County—Blue Springs Farm, LLC—$400,000, 15-year loan at a 3.5 percent fixed rate. It will construct a hog finishing barn in Brothersvalley Township.
  13. Somerset County—Clapper Table Enterprises—$477,000, 15-year loan at a 2 percent fixed rate and a $353,791, 7-year loan at a 2 percent fixed rate. The money is for the acquisition of machinery, equipment, and real estate. It will retain 23 existing employees and create five new full-time jobs.