PIDA Approves $28M in Loans for Job Creation and Economic Growth

In 2024, PIDA has approved $27,984,451 in low interest loans resulting in $47,242,997 in private investment, the creation of 178 full-time jobs, and retention of 406 existing jobs.

Significant Employment Boost Through PIDA's New Loan Approvals

Harrisburg, PA – The Pennsylvania Industrial Development Authority (PIDA) is set to invigorate the local economy with a series of newly sanctioned low-interest loans, as announced by Rick Siger, Secretary of the Department of Community and Economic Development (DCED). These loans are anticipated to generate 19 new jobs and secure over 180 positions within three counties. In total, the 2024 approvals by PIDA represent $27,984,451 in loans, leveraging $47,242,997 in private investments, and impacting 584 full-time roles.

“PIDA loans are one of the Commonwealth’s key economic development investment tools to help generate business growth and create new jobs,” remarked Secretary Siger. He emphasized that these financial supports in Centre, Lancaster, and Westmoreland counties are pivotal for furthering the Shapiro Administration’s ambition of turning Pennsylvania into a thriving economic hub.

County-Specific Initiatives

Centre County

• Advanced Powder Products, Inc., with the help of the Moshannon Valley Economic Development Partnership, Inc., will benefit from a 15-year, $2.25 million loan at a 3.75% interest rate, along with a $700,928 Machinery and Equipment Loan Fund (MELF) loan at a 4.75% fixed interest rate. This financial package will aid in expanding its Rush Township facility and integrate new technology post a 2023 fire incident. With a project budget of $7.47 million, the company aims to add 15 jobs and maintain 165 positions.

Lancaster County

• Seven Trees Woodworking, LLC, through EDC Finance Corporation, secured a 15-year, $975,000 loan at a 3.75% interest rate to purchase an industrial building in Earl Township. This acquisition, costing $2 million in total, is expected to foster the creation of four jobs and retention of 19 jobs within three years.

Westmoreland County

• Shilling Real Estate, LLC, via the Economic Growth Connection of Westmoreland, received a 10-year, $877,400 loan at a 3.75% interest rate to develop an 11,625-square-foot multi-purpose building in Penn Township. The $2.19 million project will serve both office and warehouse functions, with part of the space leased to Shilling Medical Supply, Inc.

Broader Economic Goals

PIDA's low-interest loans are central to supporting businesses that promise job creation and retention, and the development of industrial sites. These funds are available for various purposes, including acquisitions, construction, equipment purchasing, and more.

Governor Josh Shapiro’s 2024-25 bipartisan budget underscores Pennsylvania's competitive edge with notable allocations such as:

• $500 million for site development, spotlighting $400 million for the PA SITES program.
• $20 million for the Main Street Matters initiative, aimed at bolstering small businesses.
• $15 million towards tourism marketing, enhancing the state’s appeal with initiatives like The Great American Getaway.

Further details about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development are accessible via the DCED website. Stay informed by following DCED on Facebook, X, and LinkedIn.