Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of a new low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and growth for Lincoln Recycling, Inc. in Crawford County. The project supported through this loan will retain 24 existing jobs with the company.

Today’s announcement builds upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania. Since 2023, PIDA has approved more than $56 million in low interest loans that have resulted in more than $165 million in private investment and created and retained over 1,540 full-time 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. 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.

“The PIDA loan approved today is giving Lincoln Recycling the tools they need to operate more efficiently, as well as helping the company retain 24 jobs,” said Secretary Siger. “The Shapiro Administration is continuing our work to transform Pennsylvania into an economic powerhouse and these PIDA loans give businesses the vital tools and resources they need to help make that happen.”

Details for the approved project are as follows:

• Lincoln Recycling, Inc., through the Economic Progress Alliance of Crawford County, was approved for a ten-year $400,000 loan at a 5.00-percent fixed interest rate to help purchase machinery and equipment for the company’s 986 North French Street, Meadville location. The equipment that will be purchased includes a new stationary electric shear, which will replace an aging shear currently being used at the Meadville location. The new machine will cut down scrap more quickly and effectively to upgrade and improve efficiencies. The total cost for the project, which will retain 24 full-time employees, is $976,670.

Since day one, Governor Shapiro and his Administration have been working aggressively to make Pennsylvania a leader in innovation and economic development and create economic opportunity for all Pennsylvanians. Earlier this year, the Governor and Secretary Siger launched the Commonwealth’s first Economic Development Strategy in nearly two decades — building on the Shapiro Administration’s work to make Pennsylvania a leader in innovation and economic development and to create economic opportunity for all Pennsylvanians.

The Governor’s 2024-25 budget calls for significant investments directly tied back to this ten-year strategy and issues a strong call to action for partners across all sectors to join in with their support. The budget includes: $500 million in PA SITES funding to bring more commercial and industrial sites to Pennsylvania; $25 million for the Main Street Matters program to support small businesses and commercial corridors across the Commonwealth; $20 million to support large-scale innovation and leverage Pennsylvania’s best-in-class research and development assets; and $3.5 million to create and launch the Pennsylvania Regional Economic Competitiveness Challenge to incentivize regional growth.

You can read Pennsylvania’s first economic development strategy in 20 years. For more information on how the Governor’s proposed budget will create opportunity for all Pennsylvanians, visit Governor Josh Shapiro’s Budget website.

For more information about 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, X, and LinkedIn.

MEDIA CONTACT:
Penny Ickes, dcedpress@pa.gov

# # #