PIDA Approves $1.6M in Loans for Job Creation and Business Expansion

June 6, 2025 June 6, 2025

Editorial Staff

Investment Surge in Pennsylvania: Over $17 Million in Loans Catalyzing Economic Growth

In 2025, the Pennsylvania Industrial Development Authority (PIDA) has approved $17,843,909 in low interest loans that have resulted in $40,159,713 in private investment, the creation of 116 full-time jobs, and retention of 110 existing jobs.

Harrisburg, PA – The Pennsylvania Industrial Development Authority (PIDA) is making waves in economic development with the approval of $1,658,836 in low-interest loans aimed at rejuvenating the state's manufacturing sector and business expansion. These new funds are projected to create 65 full-time roles and secure 25 current positions, as announced by Department of Community and Economic Development (DCED) Secretary Rick Siger.

So far in 2025, PIDA's efforts have led to significant outcomes including $17,843,909 in loans, which have catalyzed $40,159,713 in private investments, resulting in 116 new full-time jobs and the safeguarding of 110 existing jobs.

“Investments like these PIDA loans will help businesses grow, create new jobs and support existing ones, while also helping our Commonwealth advance as a hub for manufacturing and innovation,” said Secretary Siger. “The Shapiro Administration is laser-focused on transforming the lives of our residents by making Pennsylvania an economic powerhouse and PIDA loans give our businesses the tools they need to help make that happen.”

Here are the projects that have received approval:

Bedford County

Brumbaugh Mountain Welding, LLC is set to benefit from a 15-year, $200,000 loan at a 5.00 percent interest rate through the Southern Alleghenies Planning & Development Commission. This funding will facilitate the construction of a new 50’ x 144’ x 20’ steel facility at Guyer Corner Road in New Enterprise, enabling the company to enhance its aluminum metalwork capabilities. The $640,655 project includes additional funding from Hometown Bank and borrower equity, promising to create and retain two full-time jobs each.

Northampton County

Through the Lehigh Valley Economic Investment Corporation, iDEAL Semiconductor Devices Inc. has been approved for a $1,378,300 loan at a 2.50 percent interest rate. This loan will support the purchase of advanced semiconductor testing equipment at their R&D facility in Bethlehem's Ben Franklin Technology Center. The investment is crucial for refining iDEAL's semiconductor manufacturing processes, leading to 63 new jobs and maintaining 23 existing positions.

Westmoreland County

The 730 East Pittsburgh Street Food Associates Limited Partnership plans to utilize a 10-year, $80,536 loan at a 2.00 percent interest rate to upgrade lighting fixtures at a Greensburg grocery store, aiming to save 336,563 kWh annually. This project, with a total cost of $107,382, also includes equity financing and is projected to create five full-time jobs within three years.

PIDA's program provides crucial financial support for businesses committed to job creation and retention. Eligible businesses can access loans for acquiring land and buildings, construction, equipment purchases, working capital, and more. This initiative aligns with Governor Shapiro's vision of positioning Pennsylvania as a leader in job creation and innovation.

Under Governor Shapiro's administration, a robust economic development strategy has been laid out, with significant investments planned in the 2024-25 budget. The strategy aims to bolster the state's competitiveness, enhance community strength, and address vital housing needs.