Harrisburg, PA – Department of Community and Economic Development (DCED) Acting Secretary Rick Siger today announced two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in Luzerne and Mercer counties that will help create and retain 85 total jobs.

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. The new loans approved today build upon Governor Josh Shapiro’s commitment to spurring business growth and making Pennsylvania an economic powerhouse.

“These projects will benefit workers, businesses, and surrounding communities — helping to reignite our economy,” said Acting Secretary Siger. “Through programs like PIDA, the Shapiro Administration is creating opportunities that make Pennsylvania a better place to live, work, and prosper.”

The approved projects are as follows:

Luzerne County

PM Medical Products LTD., through the NEPA Alliance, was approved for a 15-year $200,000 loan at a 3.75-percent reset interest rate to acquire an 11,800-square-foot retail and warehouse building located at 1275 Sans Souci Parkway in Hanover Township which will act as a warehouse and sales floor space for the company. The total project cost is $600,000 and the company will retain 12 jobs.

Mercer County

By-Product Industries, Inc., through Penn Northwest Development Corporation, was approved for a 15-year $1,794,913 loan at a 1.50-percent reset interest rate to acquire and renovate a 250,000-square-foot facility and a 20,000-square-foot office complex located at 100 York Street, Greenville, Hempfield Township, to expand the company’s existing business and create opportunities into southern and western U.S. states and Canada. The total project cost is $3,589,826 and the company will retain 51 jobs and create 22 new full-time jobs within three years.

PIDA loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

Pennsylvania-based businesses across a variety of industries are eligible to apply: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.

Governor Shapiro and his Administration are committed to growing Pennsylvania’s economy so that it works for everyone. For more information about his commitment to workers, business, and our economy, visit the Governor’s website.

For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.

MEDIA CONTACT:
Penny Ickes, dcedpress@pa.gov

# # #