Shapiro Administration Allocates $3M in PIDA Loans for Business Growth

Investment Boost: Shapiro Administration Allocates $3 Million to Spur Economic Growth

The Shapiro Administration has taken significant steps to bolster the economy in Pennsylvania by approving nearly $3 million in loan funding. This investment, aimed at supporting businesses in Dauphin, Lehigh, and Northampton counties, is part of a broader initiative to stimulate economic development and job creation in the region.

Through the Pennsylvania Industrial Development Authority (PIDA), these newly sanctioned loans are projected to inject over $14.2 million into the local economy. This financial support is expected to create 26 new jobs while preserving 107 existing positions, ensuring that the region's workforce remains robust and resilient.

Speaking about the initiative, a spokesperson for the Department of Community and Economic Development emphasized the administration's commitment to economic growth, stating, "The projects supported through these PIDA loans will inject more than $14.2 million into the economy, create 26 new jobs, and retain 107 existing positions."

This strategic investment underscores the administration's dedication to fostering a favorable business environment and supporting local enterprises. By facilitating access to capital, the PIDA loans aim to provide businesses with the resources they need to expand operations, enhance productivity, and contribute to the state's economic health.

For more information on the initiative and other economic development programs, visit the PA Department of Community & Economic Development.