HARRISBURG, PA — In a concerted effort to boost economic development and job creation, the Pennsylvania Industrial Development Authority (PIDA) has approved five new low-interest loans aimed at supporting business expansions in four counties. This initiative, announced by the Department of Community and Economic Development (DCED) Secretary Rick Siger, is set to create at least 28 new full-time positions and is part of a broader strategy to transform Pennsylvania into a thriving economic hub.
The PIDA’s 2024 portfolio boasts approvals totaling $20,946,040 in low-interest loans, leading to $33,415,799 in private investments and the creation or retention of 584 full-time jobs. Secretary Siger underscored the strategic value of these loans, stating, “These recently approved PIDA loans will help businesses in four counties to expand, grow and create new jobs. The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse and PIDA loans give businesses the tools they need to help make that happen.”
Dauphin County is set to benefit from a substantial 15-year, $2.25 million loan at a 3.75 percent interest rate, granted to Goddard Holding, LLC. Facilitated through the Capital Region Economic Development Corporation, this funding will aid in purchasing land and constructing a 58,080 square-foot light industrial facility. Expected to foster 25 new full-time jobs, the facility will accommodate a building materials wholesale liquidator and a door manufacturing company, contributing to a total project cost of $5.94 million.
In Delaware County, two projects have been greenlit. Sector Bay, LLC received a 10-year, $83,633 loan at a 2.00 percent interest rate for upgrading equipment in a newly acquired self-service laundromat in Ridley Township. This investment is anticipated to cut utility expenses by 50 percent and create three full-time jobs. Concurrently, Heron Crest Studios, Inc., operating as Aston Mills Arts, secured a 10-year, $30,640 loan at the same interest rate to enhance its facilities with new HVAC systems and LED lighting. This will ensure a sustainable and comfortable environment for its artistic community, with a project cost of $55,640.
Erie County is receiving support through a 15-year, $2.25 million loan at a 3.75 percent interest rate to JEM Erie Realty, LLC. This funding will facilitate the acquisition of two large multi-tenant buildings in Millcreek Township, with existing tenants occupying the majority of the space. The total project investment is valued at $8 million.
In Lawrence County, Wilson Services, LLC, alongside Wilson’s Lumber and Building Materials, Inc., and partners, has been approved for a 10-year, $2.024 million loan at a 3.75 percent interest rate. This funding will aid in purchasing and refurbishing four industrial buildings, with renovations enhancing structural and utility features. Wilson’s Lumber will occupy over half of the space, while the remaining will be leased, amounting to a total project cost of $5,060,346.
These strategic investments by PIDA are designed to not only stimulate economic growth but also to foster long-term employment opportunities within Pennsylvania. By enabling businesses to expand their operations, the loans are poised to yield significant returns for local economies, reinforcing the state’s commitment to fostering a robust and dynamic business environment.
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