HARRISBURG, PA — The Pennsylvania Industrial Development Authority (PIDA) is injecting new life into the economies of Berks and Chester counties. On Friday, Department of Community and Economic Development Secretary Rick Siger announced two newly approved low-interest loans aimed at supporting business expansion in these areas. The projects funded by these loans are expected to create 20 new full-time jobs and retain 103 existing positions.
PIDA’s purpose is to provide low-interest loans and lines of credit to eligible businesses that commit to creating and retaining full-time jobs. Additionally, they support the development of industrial parks and multi-tenant facilities. Businesses can use these loans for a variety of purposes, including land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital, and accounts receivable lines of credit.
Secretary Siger said, “The PIDA loans approved here today are helping these two businesses expand operations, as well as creating and retaining over 100 jobs here in the Commonwealth. The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse, and these PIDA loans give businesses the tools to help make that happen.”
In Berks County, New Castle Lawn & Landscape, Inc. received a ten-year $640,000 loan at a 4.00-percent reset interest rate through the Greater Berks Development Fund. This loan will assist New Castle in acquiring nearly 13 acres of land adjacent to their current headquarters in Birdsboro Borough. Initially, this land will provide much-needed parking space, followed by the construction of a pole building for warehousing equipment and trucks. This project, which has a total cost of $1,600,000, is expected to create 15 new jobs and retain 68 existing jobs within three years.
In Chester County, Metalum LLC secured a ten-year $2,000,000 loan at a 4.00-percent reset interest rate through the Chester County Economic Development Council. The loan will support the construction of a new 51,834-square-foot manufacturing warehouse and an attached 5,234-square-foot office area. This expansion will enable Metalum to undertake larger fabrication jobs, compete with larger fabricators, and increase profit margins. The project, which carries a total cost of $8,000,000, is expected to create five new jobs and retain 35 existing jobs within the next three years.
These loans aim to support local businesses, boosting job creation, and nurturing economic growth. As Secretary Siger stated, these loans are providing businesses with the tools to transform Pennsylvania into an economic powerhouse—one job, one business, one county at a time.
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