Department of Community and Economic Development Secretary Rick Siger announced the approval of three new low-interest loans through the Pennsylvania Industrial Development Authority to support business growth in Cumberland, Lancaster, and Northampton counties that will help create and retain 52 total jobs.
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.
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.
“The Shapiro Administration is investing in growing businesses – those that are already here and the companies looking to set up shop in the Commonwealth. We are working hard to create an economy that works for every Pennsylvanian, while also sending a clear message to the world that the Commonwealth is open for business,” said Secretary Siger.
The approved projects are as follows:
Early Bird Therapy, LLC, and Growing in Motion, LLC, through the Capital Regional Economic Development Corporation, were approved for a 15-year $409,000 loan at a 3.50 percent reset interest rate to acquire and renovate a 5,400-square-foot health care enterprise facility located at 2104 Aspen Drive in Upper Allen Township. The borrowers are looking to expand their operation by adding a second location in Mechanicsburg. The property consists of a one-story brick and vinyl sided office building on a concrete slab. The renovations will include removing two existing walls, moving two existing doors, installing a new exterior and interior door, replacing all the flooring with luxury vinyl tile and replacing all of the baseboards. This project will create three new jobs and retain three full-time jobs within three years. The total project cost is $828,260. This is the second PIDA loan for Early Bird Therapy and Growing in Motion. A previous loan for $102,000 was approved in January 2020.
M Land Develop LLC, through the EDC Finance Corporation, was approved for a seven-year $1,728,500 loan at a 3.50 percent variable interest rate to construct a 28,810-square-foot single tenant building on 3.74 acres in the Vintage Business Park at 140 Ola Way in Paradise. Following completion, the entire building will be leased to Pencroft LLC, which will retain 36 full-time employees. The total project cost is $3,457,000. This is the second PIDA loan for M Land Develop. A previous loan for $2,250,000 was approved in May 2019 and has since been repaid in full.
Lehigh Valley Apparel Creations Inc. and 151 Chestnut LLC, through the Lehigh Valley Economic Investment Corporation, were approved for a ten-year, $308,250 loan at a 3.50 percent reset interest rate to expand by purchasing and renovating a 7,384-square-foot manufacturing facility located at 151 North Chestnut Street in Bath. Lehigh Valley Apparel Creations will retain 10 existing employees. The total project cost is $716,500.