Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loans for two businesses, located in Erie and Lebanon counties, to help expand operations, better serve their customers, and create and retain jobs.

“Today’s funding is invaluable in assisting these two businesses in their next steps to improve operations and best serve clientele,” said Gov. Wolf. “PIDA’s affordable loans play a critical role in helping businesses in Pennsylvania expand and succeed, contributing to our growing economy and bringing new jobs and opportunities to surrounding communities.”

In 2021, PIDA has approved $42,055,382 in low-interest loans that have resulted in $97,518,330 in private investment and supported 1,718 created and retained full-time jobs.

The approved projects are as follows:

Erie County
Scott ’s Bayfront Hotel, LLC, through the Northwest Pennsylvania Regional Planning and Development Commission, was approved for a seven-year, $200,000 loan at a 1.5 percent reset rate for the construction and renovation of an outdoor dining and entertainment venue known as Oliver’s Beer Garden located in Erie City, Erie County. The renovations include site development, paving, landscaping, outdoor pavilion, fire pits, tiling, plumbing, and electrical work. The total project cost is $803,647 and the company will retain 55 full-time employees as a result of this project.

Lebanon County
Sterling Machine Technologies, Inc., through the Lebanon Valley Economic Development Corporation, was approved for a 13-year, $400,000 loan at a 2.5 percent fixed rate to assist in the construction a 3,500-square-foot building, purchase used equipment, and upgrade existing equipment at their South Londonderry Township facility. The company currently leases a facility in Lebanon for its welding department which creates many logistical issues. Sterling Machine Technologies will address this issue with the construction of the new building on their Palmyra property to consolidate operations to one site. The company will also purchase a used Mazak Model E-650H Lathe to help with backlog issues. Additionally, the company is planning to upgrade one of its most strategic machines, which is currently unusable due to necessary repairs. The total project cost is $808,947 and Sterling Machine Technologies has committed to retain 36 current positions and create two, new full-time jobs within three years.

For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.  

Source link

Author: Editor
Editor represents multiple online news sites, including STL.News, RSSNews.Press and more. We believe that our "direct source news" concept helps provide accurate information to the public without bias. We want to help improve technology so the news is presented as it was intended to be.