Governor Wolf Announces New Loan Approvals for Six Projects in Five Counties, Supporting Nearly 100 Small Business Jobs Statewide

first_img SHARE Email Facebook Twitter Economy,  Jobs That Pay,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for six business projects in five counties across the commonwealth that will help create and retain nearly 100 jobs statewide. The loan funding will assist businesses with costs ranging from expanding pediatric services, to adding production lines and building renovations.“With the approval of these low-interest loans, we’re providing critical access to capital that businesses need to grow,” Governor Wolf said. “Spanning several industry sectors – including health care, manufacturing and design, and cold storage – these six projects will spur job creation and boost the economies where the projects are located while ensuring that we’re meeting the needs of businesses across the commonwealth.”In 2018, PIDA has approved $57 million in low-interest loans that have resulted in $78.7 million in private investment and supported 3,157 created and retained full-time jobs. This month, PIDA approved a total of just over $3.29 million in fixed, low-interest loans to projects in Beaver, Bedford, Cumberland, Dauphin, and Somerset counties.The following loans were approved:Beaver CountyCreekside Springs, LLC, a producer of bottled water and a contract packager of beverages, was approved for a $400,000, 10-year loan at a 3.5 percent rate through the Beaver County Corporation for Economic Development for the purchase of machinery and equipment to be installed in the company’s New Brighton bottling facility. The project involves upgrades to the existing bottling line and the installation of an additional production line, and is expected to create seven full-time jobs and retain a further 22 jobs over the next three years.Bedford CountyThe Bedford County Development Association was approved for a $250,000, 15-year loan at a 2.5 percent interest rate with a 7-year reset to build out a 4,068-square-foot suite for Children’s Community Pediatrics. The facility will expand pediatric services offered from a nearby hospital facility and is expected to create seven full-time jobs within three years.Cumberland CountyParath, LLC, was approved for a $1.25 million, 15-year loan at a 2.5 percent interest rate with a seven-year reset through the Capital Region Economic Development Corporation to renovate a 69,273 square foot flexible warehouse building to house three tenants including Supply Source Inc., an office and social space furnishings solutions company.Dauphin CountyCamerek Holdings, LLC was approved for a $359,900, 15-year loan at a 3.75 percent interest rate through Capital Region Economic Development Corporation to acquire a 10,929 square foot building in Harrisburg. The property will be occupied by Solution Designers, LLC, a company specializing in custom designing and manufacturing garage, food, laundry, and bedroom closet storage units, enabling it to complete production for sales already made and keep up with growing market demand. The project is expected to create eight and retain two full-time jobs in the next three years.Vich Development, LLC, was approved for a $640,766, 10-year loan with 20-year amortization at a 3.75 percent interest rate through Capital Regional Economic Development Corporation to acquire a 25,000 square foot cold storage facility in Harrisburg. The facility will be occupied by e-tailer, Inc., a company specializing in cold storage and fulfillment of products like ice cream. The project is expected to create 25 new full-time jobs within three years.Somerset CountyPrecision Pallets and Lumber, LLC was approved for a $400,000, 15-year real estate loan at a 2.5 percent seven-year reset rate and a $240,000, seven-year machinery and equipment loan at a 3.5 percent rate through the Southern Alleghenies Planning & Development Commission. The loan funds will be used for the purchase of Precision Pallets & Lumber, Inc., a manufacturer and distributor of wooden pallets, including the acquisition of real estate and production equipment including nailers, saws, branders, and a kiln. The project is expected to create seven full-time jobs and retain 12 jobs over the next three years.PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov. June 06, 2018center_img Governor Wolf Announces New Loan Approvals for Six Projects in Five Counties, Supporting Nearly 100 Small Business Jobs Statewidelast_img read more

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Governor Wolf Visits Beaver County, Details How Restore Pennsylvania Can Help Offset Loss and Damage from Flooding

first_img Infrastructure,  Press Release,  Restore Pennsylvania Hopewell Twp., PA – Governor Tom Wolf today visited Hopewell Township to learn how Raccoon Creek continues to flood the adjacent Green Garden Plaza Shopping Center, threatening center tenants and nearby industrial parks, and to detail how Restore Pennsylvania can help offset loss and damage from frequent flooding. Gov. Wolf was joined by Rep. Rob Matzie and county and township officials on the visit.“After decades of neglect and little help from the federal government to repair ongoing flood damage, Pennsylvania communities are struggling,” Gov. Wolf said. “Restore Pennsylvania is necessary to address our legacy infrastructure needs and will help make Pennsylvania a leader in the 21st century. The flooding mitigation needs of Hopewell Township are not unique, but they are necessary, and long overdue. Restore Pennsylvania can help.”Governor Wolf recently proposed Restore Pennsylvania to provide funding to help towns and cities prepare for flooding and severe weather, upgrade flood walls and levees, replace high-hazard dams, and conduct stream restoration and maintenance.Restore Pennsylvania also will establish a disaster relief trust fund to assist individuals who suffer losses that are not compensated by the Federal Emergency Management Agency or other programs.In 2004, Hurricane Ivan caused Raccoon Creek to overflow and destroy the Green Garden Plaza Shopping Center. The center, which houses the only large grocery store in the area, was rebuilt, but tenants are met regularly with the need to plan for flooding when rains are heavy – a more frequent occurrence as Pennsylvania experienced the wettest year on record in 2018.“Governor Wolf is no stranger to our community,” Rep. Rob Matzie said. “He has showed his support time and time again. When he announced his Restore PA initiative, one of the areas that stood out to me was the governor’s recognition of the need for flood mitigation. So, I am thrilled to have him come to Green Garden Plaza to give him a firsthand look at the economic recovery there, and, most importantly, the water management challenges that remain.”Restore Pennsylvania is an ambitious infrastructure initiative funded by the monetization of a commonsense severance tax. Restore Pennsylvania will invest $4.5 billion over the next four years in significant high-impact projects throughout the commonwealth to help catapult Pennsylvania ahead of every state in the country in terms of technology, development, and infrastructure.Encompassing new and expanded programs to address five priority infrastructure areas including high speed internet access, storm preparedness and disaster recovery, downstream manufacturing, business development, and energy infrastructure, demolition, revitalization, and renewal, and transportation capital projects, Restore Pennsylvania projects will be driven by local input about community needs.Projects identified by local stakeholders will be evaluated through a competitive process to ensure that high priority, high impact projects are funded and needs across Pennsylvania are met.View the full Restore Pennsylvania plan. March 29, 2019 SHARE Email Facebook Twittercenter_img Governor Wolf Visits Beaver County, Details How Restore Pennsylvania Can Help Offset Loss and Damage from Floodinglast_img read more

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