Governor Tom Wolf announced two new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will assist with the purchase of manufacturing machinery and processing equipment in Bucks County and the construction of a new medical facility in Northampton County that could create a combined over 130 full-time jobs.
“These businesses are taking major steps to advance and grow in the commonwealth while continuing to serve consumers. This funding provides crucial assistance in supporting their respective projects throughout their expansions, bringing dozens of new jobs and new opportunities to local communities,” said Gov. Wolf.
Home Reserve, LLC, through the Bucks County Economic Development Corporation, was approved for a $740,000 PIDA Machinery and Equipment Loan Fund (MELF) loan at a 10-year, 2.75 percent fixed interest rate to acquire nearly $1.5 million in manufacturing machinery and processing equipment for use in Home Reserves’ new Quakertown facility. The equipment includes industrial woodworking, textile, foam blowing, and packaging machinery and equipment and will support Home Reserves’ in manufacturing and packaging its uniquely designed, flat-packed, and ready-to-assemble furniture. The expansion will create 85 new jobs in three years and the total project cost is $1,480,000.
St. Luke’s Health Network Schoenersville Site, LLC, through the Carbon Chamber Economic Development Corporation, was approved for a $1,500,000 PIDA loan at a 15-year, 1 percent reset interest rate for the construction of a new 8,187 sq. ft. medical facility located in Hanover Township to be fully occupied by St. Luke’s Health Network. There is a current lack of quality health care facilities in Hanover Township and the surrounding communities, so the construction of this new facility will provide access to St. Luke’s University Health Network’s physicians as well as services such as medical procedures, physical therapy, laboratory services, medical office space, X-Ray, Pediatrics, and related uses. The facility will service Lehigh and Northampton counties. The expansion will retain 12 jobs and create 55 new jobs in three years and the total project cost is $3,009,500.