Governor Corbett: Low-Interest Loans to Support Manufacturer Growth Throughout Pennsylvania, Creating 229 New Jobs - kcentv.com - KCEN HD - Waco, Temple, and Killeen

Governor Corbett: Low-Interest Loans to Support Manufacturer Growth Throughout Pennsylvania, Creating 229 New Jobs

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SOURCE Pennsylvania Office of the Governor

HARRISBURG, Pa., Aug. 11, 2014 /PRNewswire-USNewswire/ -- Continuing to advance his JOBS1st PA initiative, Governor Tom Corbett today announced that new state investments recently approved by the Pennsylvania Industrial Development Authority will support the continued growth of manufacturers and is projected to create 229 new jobs and retain 664 jobs.

"We're creating an environment to spur the resurgence of Pennsylvania manufacturing," said Corbett. "This is about growing our economy and creating family sustaining jobs."

At its meetings in July and August, PIDA approved nearly $15.1 million in low-interest loans for 12 projects in Berks, Bucks, Lehigh, Mercer, Mifflin, Northampton and Westmoreland counties that are projected to create 229 new jobs and retain 664 jobs. The projects will result in more than $31.8 million in total investments.

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.

In 2014, PIDA has approved $31,935,372 million in low-interest loans that have resulted in $68,621,726 million in private investment and supported 1,611 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, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

For more information about Corbett's commitment to job creation, visit www.pa.gov.

Media contacts:
Valerie Caras, Governor's Office, 717-783-1116
Heidi Havens, DCED, 717-783-1132

Editor's note: The PIDA board approved the following projects at the July and August board meetings:

Mifflin County
The Mifflin County Industrial Development Corporation (MCIDC) was awarded a $240,000, 15-year loan at 2.25 percent for restoration of several buildings in the Mifflin County Industrial Development Corporation Plaza in Granville Township. The area to be renovated includes ten businesses occupying 249,290 square feet on a 12 acre subdivided site. The total site investment will be more than $600,000 and the project is expected to create 20 new jobs and retain 90 more positions.

Mercer County
Penn-Northwest Development Corporation was awarded a $1,280,000, 15-year loan at 2.25 percent, on behalf of Integrated Fabrication & Machine, Inc., to acquire and renovate an existing facility in Hempfield Township. The company, which produces high quality stainless steel, copper, aluminum and titanium specialty fabrications to various segments of the capital goods market, will purchase and renovate a 68,000-square-foot manufacturing space to accommodate growth. The total site investment will be more than $2,263,000 and will create 16 new jobs and retain its 35 current employees.

Bucks County
The Bucks County Economic Development Corporation was awarded a $1,400,000, 15-year loan at 2.25 percent, on behalf of Signature Systems, Inc., to acquire an existing building in Warminster Township. The company, which sells and installs point of service hardware and develops software for fast food, casual dining, sport bars and fine dining restaurants, will purchase the manufacturing space to accommodate growth. The total site investment will be more than $3,500,000 and will retain its 60 current employees.

The Bucks County Economic Development Corporation was awarded a $2,250,000, 15-year loan at 2.25 percent, on behalf of Gelest, Inc., to construct a new building in Morrisville. The company, which manufactures organosilicon and metal-organic compounds, will build an approximately 21,000-square-foot addition to accommodate growth. The total site investment will be more than $5,536,525 and will create 15 new jobs and retain its 97 current employees.  

The Bucks County Economic Development Corporation was also awarded a $700,000, 15-year loan at 2.25 percent, on behalf of American Breadcrumb Company, LLC, to acquire and renovate an existing building in Bristol Township. The company, which manufactures breadcrumbs, will purchase and renovate a 35,048-square-foot manufacturing facility to accommodate growth. The total site investment will be more than $1,725,500 and will create 8 new jobs and retain its 12 current employees.

Northampton County
The Northampton County New Jobs Corporation was awarded a $960,000, 15-year loan at 2.25 percent, on behalf of The Bug Company of Pennsylvania, to acquire and renovate an existing facility in Lower Saucon Township. The company, which raises and packages a variety of live insects for animal nutrition, will purchase and renovate a 47,000-square-foot space. In addition, the company also received a funding offer from the Governor's Action Team that includes a $100,000 Pennsylvania First Program grant. The company has accepted the funding proposal, but must still apply for each loan and grant and agree to the terms prior to award receipt. The total site investment will be more than $1,600,000 and will create 41 new jobs.

The Northampton County New Jobs Corporation was awarded a $2,000,000, 15 –year loan at 2.25 percent, on behalf of Straight Arrow Products, Inc., to expand an existing building in Forks Township. The company, which manufactures hair and skin products for human and equine markets, will construct an 18,500-square-foot addition to the existing building. The total site investment will be more than $4,758,482. In addition, the company also received a funding offer from Governor's Action Team that includes a $13,500 Guarantee Free Training grant and a $30,000 Job Creation Tax Credits. The project will create 30 new jobs and retain its 66 current employees.

Straight Arrow Products, Inc. has also been encouraged to apply for the funding offer as well as a low-interest loan including $2.3 million from the Machinery and Equipment Loan Fund. The company has accepted the funding proposal, but must still apply for each loan and grant and agree to the terms prior to award receipt.

Lehigh County
The Lehigh Economic Advancement Project, Inc., was awarded a $975,000, 15-year loan at 2.25 percent, on behalf of Penn Sheet Metal, to acquire and expand an existing building in Allentown, Lower Macungie Township. The company, which fabricates sheet and coiled metal products, will purchase and construct a 7,780-square-foot expansion. The total site investment will be more than $2,000,000 and will create 8 new jobs and retain its 20 current employees.

The Lehigh Economic Advancement Project, Inc. was awarded a $2,250,000, 15-year loan at 2.25 percent, on behalf of Hospital Central Services Cooperative, Inc., to expand their existing facility in Allentown. The company, which provides industrial laundry processing and linen service as well as group purchasing plan for healthcare supplies to hospitals and healthcare facilities, will construct a 21,000-square-foot addition. The total site investment will be more than $4,000,000. In addition, the company also received a funding offer from the Governor's Action Team that includes a $300,000 Pennsylvania First Program grant. The company has accepted the funding proposal, but must still apply for each loan and grant and agree to the terms prior to award receipt. Hospital Central Services Cooperative will create 38 new jobs and retain its 162 current employees.

Berks County
The Greater Berks Development Fund was awarded a $1,575,000, 15-year loan at 2.25 percent, on behalf of Hydrojet Services, Inc. to expand the existing building in Reading. The company, which is an approved aerospace and military manufactured parts supplier, will construct a 22,016-square-foot addition to the existing building. The total site investment will be more than $2,250,000 and will create 20 new jobs and retain its 43 current employees.

Westmoreland County
The Economic Growth Connection of Westmoreland was awarded two 15-year loans at 2.25 percent to renovate existing buildings for multi-occupancy leasing to potential businesses. An $896,530 loan, on behalf of Farnham and Pfile Company, Inc., will be used to renovate an existing building in Monessen. The Economic Growth Connection of Westmoreland was also awarded a $524,842 loan to renovate an existing building in Mt. Pleasant.

The county will utilize both renovated buildings for multi-occupancy, leasing to businesses. It is anticipated that the projects will create 33 new jobs and retain its 79 more positions. The total site investment will be more than $3,553,432 on the projects.

©2012 PR Newswire. All Rights Reserved.

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