23 small business loans approved

Five local business win loans

Harrisburg, Pa. - Governor Tom Wolf announced new low-interest loan approvals made by the Pennsylvania Industrial Development Authority (PIDA) program for 23 small business projects in 13 counties across the commonwealth that will help create nearly 400 new jobs within three years.

“When we offer fiscally responsible support for small businesses and established companies alike in the private sector, we enrich economic opportunity for all Pennsylvanians,” said Governor Wolf. “Pennsylvania’s business climate has never been stronger. Through our comprehensive economic development initiatives, we are attracting companies and creating jobs in manufacturing, agriculture, logistics, energy, and other businesses and helping families and communities to achieve success.”

Thus far in 2017, PIDA has approved $41 million in low-interest loans that have resulted in $170 million in private investment and supported 1,859 created and retained full-time jobs. 
Over the past two months, PIDA approved a total of more than $25.6 million in fixed, low-interest loans to 23 projects in Bedford, Berks, Bucks, Centre, Dauphin, Fayette, Lancaster, Lebanon, Lehigh, Luzerne, Somerset, Tioga and Westmoreland counties that will generate more than $28 million in matching capital investment. 


The following local loans were approved:

Bedford County

Lincoln Highway Farms LLC was approved for a $400,000, 12-year term loan at a fixed 2 percent rate through Southern Alleghenies Planning & Development Commission to assist in the construction of a 40,882-square-foot hog finishing barn on 172 acres on Turner Camp Road in Napier Township. The barn will house 4,800 hogs. Lincoln Highway Farms, co-owned by Carl Egolf and his son, Adam, is entering into the hog farming industry and has secured a contract with Country View Family Farms.

550 Sunnyside Road, LLC was approved for a $2,250,000, 10-year term loan at a fixed 2 percent rate through Bedford County Development Association to assist in the acquisition of a 470,000-square-foot multi-tenant building located on 37.85 acres on Sunnyside Road in Bedford Township. The new owner will maintain existing on-site tenant lease agreements with Pomps Tire Service, Defiance Metal Products, and Kennametal.

TMW Candies LLC was approved for a $400,000, 15-year term loan at a fixed 2 percent rate through Bedford County Development Association to assist in the construction of a new 10,080-square-foot building on 5 acres on William Penn Road in East St. Clair Township. The new building will enable the company, which was founded in Bedford in 1929, to increase production capacity, retain seven full-time jobs and create four full-time jobs within three years.

Centre County

Organic Climbing, LLC was approved for an $800,000, 15-year term loan at a 2 percent fixed rate through Moshannon Valley Economic Development Partnership to assist in the construction of a 17,239-square-foot manufacturing facility on 9 acres on Enterprise Drive in Phillipsburg. Organic Climbing was founded in Laramie, Wyoming, and relocated to Pennsylvania in 2010. The company manufactures high-quality, innovative rock-climbing gear and sells globally. The company will retain 16 employees and create five full-time jobs as a result of this project.

Somerset County

Keith and Denise Leydig were approved for a $400,000, 15-year term loan at a 2 percent fixed rate through Southern Alleghenies Planning & Development Corporation to assist in the construction of a 40,882-square-foot hog finishing barn on 135 acres of farmland on Swampcreek Road in Brothersvalley Township. The new finishing barn will have a capacity of 4,800 hogs.


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