Harrisburg, PA – Department of Community and Economic Development (DCED) Secretary Rick Siger today announced the approval of a low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion for a Bucks County manufacturer.

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 approval of this new loan builds upon Governor Josh Shapiro’s commitment to spurring business growth and boosting the economy across Pennsylvania.

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.

“PIDA loans are one of our key economic development investment tools and are vitally important to companies looking to grow, retool, or retain and hire additional workers,’ said Secretary Siger. “The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse, and PIDA is giving businesses the resources to help make that happen.”

The approved project is as follows:

Bucks County

First Look Display Group, LLC, through the Bucks County Economic Development Corporation, was approved for a15-year $375,000 loan at a 3.50% reset interest rate to assist in the purchase and renovation of their currently leased operational space in Bensalem Township. FLDG Holdings, LLC was established as a real estate holding entity and will own the building and serve as the PIDA borrower. Founded in 2018, First Look Display Group, LLC designs and manufactures metal racking systems for a variety of uses, including point of purchase displays in retail environments and as storage units in industrial environments. The company will also make renovations including full replacement of the roof, and installation of three overhead doors and ancillary dock equipment. First Look Display Group, LLC has committed to retain 11 current jobs and create three new, full-time jobs within three years.

Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: 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. 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 the 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, DCED, dcedpress@pa.gov

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