PIDA Approves $27.9M Loans to Boost Jobs in Allegheny, Franklin Counties

State-Sponsored Loans Fuel Economic Growth and Job Creation

Harrisburg, PA – The Pennsylvania Industrial Development Authority (PIDA) has recently approved a series of low-interest loans, a move designed to drive business growth and job creation. Announced by Department of Community and Economic Development (DCED) Secretary Rick Siger, these loans are set to bolster economic activities in Allegheny and Franklin counties, promising to generate at least 48 new full-time positions and retain 17 existing jobs.

In 2024 alone, PIDA sanctioned $27,984,451 in low-interest loans. This financial boost led to $47,242,997 in private investments, spurring the creation and retention of a total of 584 full-time jobs. Secretary Siger emphasized the significance of these loans, stating, “PIDA loans are one of the Commonwealth’s key economic development investment tools to help generate business growth and create new jobs.”

Allegheny County Developments

• Welly, LLC, through the Southwestern Pennsylvania Corporation, received approval for a $1.99 million Machinery and Equipment Loan Fund (MELF) loan with a 4.75 percent fixed interest rate over 10 years. This funding will enable the company to set up a complete manufacturing line for bottle products at 1967 Eastern Avenue, Plum Borough. Once operational, Welly will stand as the sole insulated steel drinkware brand manufactured in the USA. The project, totaling $7.47 million, will be further supported by $2.4 million from investors, a $600,000 RACP State grant, and $129,922 in equity. The initiative is projected to create 42 new full-time jobs and retain 6 positions.

Franklin County Initiatives

• BBCD Enterprises, LLC, via the Franklin County Area Development Corporation, secured a 15-year loan of $762,500 at a 3.75 percent reset interest rate to acquire an 18,273 sq. ft. industrial building on 5.91 acres at 4872 Zane A. Miller Drive, Waynesboro. The facility will host Pro Tube, Inc., a firm specializing in mechanical and hydraulic tubing and subcontract machining services. With a total project cost of $1.5 million, the remaining funds will be covered by $762,500 in seller financing. This project aims to sustain 11 full-time jobs while creating 6 new roles over the next three years.

PIDA's financial support extends to eligible businesses committed to both job creation and retention, alongside the development of industrial parks and multi-tenant facilities. The loans cover a range of needs, including land and building acquisitions, construction, renovation, machinery and equipment purchases, as well as working capital and accounts receivable lines of credit.

Governor Josh Shapiro’s 2024-25 bipartisan budget aligns with these economic priorities, aiming to enhance Pennsylvania’s competitiveness through strategic investments:

• $500 million for site development, with $400 million allocated to the PA SITES program.
• $20 million for the Main Street Matters program, supporting small businesses and commercial corridors vital to community infrastructure.
• $15 million dedicated to tourism marketing, boosting the economy and drawing visitors to Pennsylvania through initiatives like The Great American Getaway.

For further details on the Pennsylvania Industrial Development Authority and the Department of Community and Economic Development, visit the DCED website. Stay informed by following their updates on Facebook, X, and LinkedIn.

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