Low-Interest Loans Attracting $4.9 Million in Private Investment
HARRISBURG – New state investments will allow a steel pipe manufacturer to grow and create new jobs in Fayette County and also help a Bucks County custom sign manufacturer to consolidate its operations, Department of Community and Economic Development Secretary Austin Burke said.
“Making strategic investments in employers that create jobs is a sound economic growth strategy for the commonwealth,” Burke said. “Our latest investments through the Pennsylvania Industrial Development Authority will encourage new business growth and job creation.”
The projects—located in Bedford, Bucks, Fayette, Philadelphia and York counties—total $9 million and will leverage nearly $4.9 million in private investment.
One of the approved projects is an $870,000, 15-year loan at 2.5 percent to the Fayette Industrial Fund, on behalf of Specialty Conduit & Manufacturing LLC, to acquire and renovate a building in North Union Township. The $1.5 million project will allow the company to retain 27 employees and create 6 new jobs within the next three years.
Specialty Conduit & Manufacturing LLC, which was founded and incorporated in Pennsylvania in 1999, manufactures and fabricates various steel pipe products for the plumbing and electrical industries.
The PIDA board also approved:
- A $605,220, 15-year loan at 2.5 percent to Compass Sign Co. LLC, which specializes in the design, manufacture and installation of interior and exterior signs, to acquire and renovate a building in Bensalem Township. The $1 million project, sponsored by the Bucks County Economic Development Corporation, will allow the company to consolidate its operations in the 25,900-square-foot facility. The company plans to move its 28 employees to the new site and create an additional three jobs within the next three years.
- A $252,400, 15-year loan at 2.5 percent to construct a 14,750-square-foot facility next to the Bedford County Business Center, Bedford Township. The $1.1 million project will provide a multi-tenant facility for young growth companies that have displayed interest in locating in the business center. The project is sponsored by the Bedford County Development Association.
- A $1.7 million, 15-year loan at 2.5 percent to PIDC Financing Corporation to acquire and renovate a 50,784-square-foot building in Philadelphia. The $4.3 million project is located in the oldest jewelers’ district in the United States. The renovations to the 6-story building will allow it to be marketed as a multi-tenant facility for commercial and retail use.
- A $660,000, 15-year loan at 2.5 percent to Doucette Industries Inc. to buy a building in Manchester Township. The $1.3 million project will allow the company to purchase the 26,640-square-foot building it currently leases and retain 22 jobs. Doucette Industries, which manufactures heat exchangers and flexible metal hose assemblies for air conditioning, refrigeration, and hydronic applications, was founded in Pennsylvania in 1975. The York County Economic Development Corporation is the sponsoring agency.
PIDA provides capital for infrastructure acquisition, creation and renovation work, 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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com