PA: Low-Interest Loans From DCED Attract Private Investments and New Jobs
2 Jun, 2011
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The Pennsylvania Industrial Development Authority (PIDA) has approved nearly $3.8 million in low-interest loans for projects that will support at least 125 jobs in Cumberland and Erie counties.
“Securing working capital to assist with land and building acquisition, and site development has not been easy for businesses,” Department of Community and Economic Development Secretary C. Alan Walker said today. “The low-interest loans approved today will provide critical resources to three businesses to support their efforts to expand their operations and create jobs in Pennsylvania.”
The PIDA board recently approved the following projects:
Tex Visions LLC, a manufacturer of custom-printed products for indoor and outdoor use, will receive a $2 million, 15-year loan at 4.5 percent to construct a new 60,300-square-foot building in Middlesex Township. The project will allow the company to transfer 44 existing employees to the new facility, create an additional 16 jobs, and leverage nearly $3.6 million in private investment in Cumberland County. The Capital Region Economic Development Corporation is the sponsoring agency.
EIDCO Inc., on behalf of Logistics Plus Inc., will receive a $1.2 million, 15-year loan at 3.5 percent to acquire and renovate an existing building in Erie. Logistics Plus Inc. – a warehouse services company – will be able to retain its existing 12 employees and create an additional 23 jobs within the next three years. The $2.4 million project will allow the international company to relocate from its current site into a 70,548-square-foot facility in Erie County.
Southern Tier Home Infusion Inc., doing business as Pharmacy Innovations, will receive a $568,500, 15-year loan at 3.5 percent to acquire and renovate an existing building in Millcreek Township. Pharmacy Innovations – a manufacturer of pharmaceutical products – will be able to retain its seven existing employees, and create an additional 23 jobs within the next three years. The $947,500 project will allow the company to increase its manufacturing space by 13,174-square feet in Erie County. EIDCO Inc. is the sponsoring agency.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania. www.newpa.com