Harrisburg, PA– Department of Community and Economic Development Secretary Dennis Davin announced July 1, 2015 that new state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of Pennsylvania businesses that are projected to create at least 105 new jobs and retain 171 jobs.
PIDA approved $4.5 million in low-interest loans for four projects in Berks, Bucks, and Monroe counties that will generate more than $14.6 million in total investments.
“The projects approved by the PIDA board this month are receiving the critical capital needed to support the growth of their companies,” said Davin. “Governor Wolf’s proposed budget includes a much-needed funding increase to the PIDA program, which will provide even more small businesses with the resources they need to take advantage of future growth opportunities.”
In 2015, PIDA has approved million $23 million in low-interest loans that have resulted in more than $49.5 million in private investment and supported over 1,100 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
The PIDA board approved the following loans for Monroe County at its July meeting:
Pocono Mountains Industries was awarded a $500,000, 15-year loan at 2.25 percent, on behalf of Harmony Labels, Inc. to acquire and renovate an existing 13,790-square-foot building in East Stroudsburg Borough. An additional $400,000, five year loan at 3.25 percent, was awarded for the purchase of new machinery and equipment. This will help create a manufacturing facility to produce pressure sensitive labels for personal care products. The project will include repairs to the roof, electrical system, manufacturing floors and renovations to warehouse and office spaces. Total project cost is projected to be $2,500,000 and will create 39 new jobs.
For more information about the Pennsylvania Industrial Development Authority, visit www.newPA.gov.