New Pennsylvania jobs boost economy
Posted on December 28, 2015
The Department of Community and Economic Development have announced some new investments that are boosting Pennsylvania jobs.
The new state investments through the Pennsylvania Industrial Development Authority (PIDA) program will support the continued growth of Pennsylvania small businesses that are projected to create and retain jobs and support private sector growth.
PIDA approved $1.4 million in low-interest loans for four projects in Bedford, Berks, and Monroe counties generating more than $5.8 million in total investments.
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 line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
The PIDA board approved the following loans at its December meeting:
The Southern Alleghenies Planning & Development Commission was awarded a $400,000, 15-year loan at 2.5 percent fixed rate for the first seven years, on behalf of Norman and Melissa Martin to acquire a 144-acre farm parcel in South Woodbury Township where the Martins have been operating their dairy herd since April 2011.Total project cost is projected to be $800,000.
The Greater Berks Development Fund was awarded a $200,000, 15-year loan at 2.5 percent fixed rate for the first seven years, on behalf of John and Verna Burkholder for the acquisition of a 119-acre farm in Richmond Township. The Burkholder’s current operations consist of dairy farming, livestock sales, fertilizer, and produce stand sales. Total project cost for the expansion is projected to be $1,300,000.