Governor Tom Wolf announced nearly $ 5.4 million in low-interest loans through the Pennsylvania Industrial Development Authority (PIDA), which will help businesses in Berks, Erie and Fayette counties create and to keep jobs, expand their businesses and provide business services to their communities.
“Investing in its businesses, large and small, to help them improve and expand their operations has never been more critical for Pennsylvania,” said Governor Wolf. “The projects approved today will help four businesses grow in their communities, creating good jobs and providing new spaces for doing business in the Commonwealth.”
In 2021, PIDA approved $ 1,285,776 in low-interest loans that translated into $ 1,401,777 in private investment and supported 63 full-time jobs created and maintained.
The approved projects are as follows:
The Greater Berks Development Fund has been approved for a 15-year, $ 750,000 loan at a fixed rate of 1.75% to acquire four plots of land totaling 1.39 acres in Ontelaunee Township. The four plots will be combined with an adjacent 56.34-acre parcel, the project site of an industrial park project approved by the PIDA Board of Directors in October 2019. This addition will be a critical contribution to the overall commercialization of ownership, as it will increase the overall footprint of any potential development over 100,000 square feet. The total cost of the project is $ 1 million and includes the costs of acquisition, demolition and environmental remediation.
GMS Environmental, LLC – a third-party supplier to large waste haulers responsible for the repair and refurbishment of containers and compactors – through the Greater Berks Development Fund, has been approved for a loan of $ 375,000 on 15 years at a 0.75% reset rate to acquire a 37 acre parcel and construct a 5,000 square foot building in Hereford Township. The purchase of the property and the construction of the building will allow GMS to operate in an industrial zone and bring them business directly, which will allow them to develop and develop their business. The total cost of the project is $ 1,064,404 and GMS is committed to retaining its current five employees and creating four new full-time jobs within three years.
Real estate holding company AnDi LLC, through the Erie County, Inc. Corporate Development Center, has been approved for a 15-year, $ 2.25 million loan at a reset rate of 0 , 75% to purchase 12.32 acres located in Fairview Business Park in Fairview, Erie County. The company plans to build a 95,500 square foot distribution facility that will be leased to a single tenant, GWD Acquisition, Inc., d / b / a Allegheny Beverage Company under a 15-year lease. Approximately 10,000 square feet of the new facility will be used as offices, while the remaining space will be used as a modern warehouse. The total cost of the project is $ 7,850,000. As a single-tenant construction project, the loan will be subject to the retention of the 70 full-time employees of Allegheny Beverage Company from their current location in Erie and the creation of 10 full-time employees within three years. .
County of Fayette
The Fay-Penn Economic Development Council has secured a $ 2 million, 15-year fixed rate loan of 1.75% to renovate an existing 40,730 square foot single-tenant building located in the business park of the ‘University at Lemont Furnace. The project also includes the construction of an additional 30,500 square feet to the existing building. The building, when completed, will be leased to Advanced Acoustic Concepts, LLC, a manufacturer of Undersea Warfare Solutions. The total cost of the project is $ 5,941,304 and, as a single tenant developer project, Advanced Acoustic Concepts, LLC is committed to retaining 120 full-time employees within three years.
For more information on the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.