PENNSYLVANIA — Department of Community and Economic Development (DCED) Secretary Rick Siger announced the recent approval of three new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansions and help spur the economy in Beaver, Elk and Westmoreland counties.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania.
Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
“PIDA loans are one of the economic development investment tools we use to help foster business success here in Pennsylvania,” said Secretary Siger. “With these new loans, we are investing in growing companies, spurring local economies, and ultimately making surrounding communities healthier.”
The approved projects are as follows:
Beaver County
- Selectrode Industries, Inc., through the Beaver County Corporation for Economic Development, was approved for a 15-year $687,500 loan at a 4.75-percent fixed interest rate to assist in the purchase of a 17,254-square-foot manufacturing facility located at 100 Industrial Boulevard in Aliquippa. The company plans to relocate equipment to the new building, which will free up space at their current location at 100 Commerce Way in Aliquippa. Additionally, Selectrode Industries will remove unused office space and freestanding buildings in the warehouse and refurbish remaining offices. The additional space will give the company the ability in the future to draw its own metal, open up its purchasing market, make customization possible, shorten delivery times and shrink inventory space. The total project cost is $1,375,000.
Elk County
- Bugling Bull, LLC, through the North Central PA Regional Planning & Development Commission, was approved for a 10-year $61,600 loan at a 3.75-percent reset interest rate to help expand its gift shop at 104 Winslow Hill Road in Benezette Township, Elk County. The business is expanding, and the new PIDA loan will be used to help construct a 900-square-foot addition that will be utilized to construct a new food processing room as well as additional retail and storage space. Bugling Bull previously received an $84,000 PIDA loan to complete interior and exterior renovations between January 2020 and June 2022 and convert the project site into a retail gift shop. The total project cost is $123,333.
Westmoreland County
- The Economic Growth Connection of Westmoreland was approved for a 10-year $1,460,000 loan at a 3.75-percent reset interest rate for renovations and ongoing maintenance to the Mount Pleasant Glass Centre located at 402 East Main Street (Route 31) in Mount Pleasant Township. The project will include façade/siding improvements and fire protection upgrades. The 43.89-acre Mount Pleasant Glass Centre was purchased by the Economic Growth Connection of Westmoreland in 2002, and houses Rolf Glass, a glass decorating manufacturer specializing in producing quality tabletop and personalized gifts; and WATT Fuel Cell Corporation, a developer and manufacturer of Solid Oxide Fuel Cell (SOFC) stacks and systems designed to run on commonly available hydrocarbon fuels like propane, natural gas, JP-8, and diesel. WATT Fuel Cell’s upgrades will result in the creation of 40 new jobs within the next three years. The total project cost is $3,650,000.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
For more information about the Pennsylvania Industrial Development Authority or Department of Community and Economic Development, visit DCED website.
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