PIDA Loans Fuel Economic Growth in Pennsylvania, Creating New Jobs

Significant Financial Support Announced for Business Expansion in Pennsylvania

Newly approved PIDA loans are set to funnel over $9.9 million into the local economy, leading to the creation of 10 new jobs and the retention of 22 positions.

In 2025, the Pennsylvania Industrial Development Authority (PIDA) sanctioned $60,875,900 in low-interest loans, spurring $154,915,611 in private investments, creating 305 full-time jobs, and maintaining 883 existing ones.

Harrisburg, PA – The Department of Community and Economic Development (DCED) Secretary, Rick Siger, today unveiled the approval of nearly $4 million in low-interest loans by the Pennsylvania Industrial Development Authority (PIDA) aimed at fostering business growth and sustaining employment in Blair and Westmoreland counties. These initiatives will channel substantial financial resources into the local economy, creating new employment opportunities and preserving current ones.

In 2025, PIDA's low-interest loans amounted to $60,875,900, leading to $154,915,611 in private investment, 305 new full-time jobs, and the safeguarding of 883 existing positions.

“The Shapiro Administration is committed to supporting businesses throughout Pennsylvania so that we can build a strong, diverse, and competitive economy,” stated Secretary Siger. “These two PIDA loans will create and secure jobs, help businesses expand and grow their operations, and help drive long-term growth and opportunity for Pennsylvanians in Blair and Westmoreland counties.”

PIDA offers low-interest loans and credit lines to eligible businesses committed to job creation and retention, as well as to develop industrial parks and multi-tenant facilities. These funds can be utilized for land and building acquisitions, construction, renovation, machinery and equipment purchases, working capital, and more.

Blair County

Yerty Auto Service, Inc. received a 15-year loan of $1,850,000 through the Altoona-Blair County Development Corporation at a 4.25% reset interest rate. This will enable the acquisition and refurbishment of a 126,008-square-foot industrial facility in Altoona. Previously occupied by Lumax Industries, Inc., the new location will meet the company’s need for more space, facilitating smooth operations. The project will create 10 new full-time jobs and retain 22 existing positions, with a total cost of $4,500,000.

Westmoreland County

Weaver Investments Inc. was approved for a 10-year loan of $2,142,000 via the Economic Growth Connection of Westmoreland at a 4.25% reset interest rate. The funds will finance the construction of 60,000 square feet of flex facilities in the Bushy Run Industrial Park. The project includes modern, energy-efficient structures, with Sunbelt Rentals and East Penn Manufacturing set to occupy the facilities. The overall project cost stands at $5,467,290.

Since assuming office, Governor Josh Shapiro's administration has secured over $35.9 billion in private sector investments, creating more than 18,800 jobs. Analysis from Moody’s Analytics Chief Economist Mark Zandi confirms that Pennsylvania stands as the sole state in the Northeast with a growing economy. Governor Shapiro is dedicated to positioning Pennsylvania as a leader in economic development, with the 2025-26 state budget focusing on maximizing the Commonwealth’s economic potential.