3 businesses in our region are expanding with low interest loans and expect to add more jobs.
The Pennsylvania Industrial Development Authority announced Lampire Biological Labs in Bedford County is borrowing $400,000 to increase production.
Homeland Manufacturing Services of Centre County is borrowing $900,000 to build a new facility in Benner Township.
Phoenix Sintered Metals of Jefferson County is borrowing $1,152,781 for equipment upgrades and expansion.
Here’s the full news release from Governor Wolf’s office:
Governor Wolf Announces Six New Small Business Projects in Five Counties, Enabling Expansion and Job
Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for six business projects in five counties that will enable companies to grow and expand production and enable a new restaurant to open. The projects are expected to create and retain more than 250 full-time jobs.
“This loan funding will help these companies take their businesses to the next level by investing critical capital into their expansion plans, Governor Wolf said. “Whether it’s expanding production or opening a brand-new business, these projects will create jobs and strengthen Pennsylvania’s economy.”
In 2018, PIDA has approved $70 million in low-interest loans that have resulted in $95 million in private investment and supported 3,905 created and retained full-time jobs. This month, PIDA approved a total of more than $5.5 million in low-interest loans to projects in Adams, Bedford, Centre, Jefferson, and Lancaster counties.
The following six loans were approved:
Precision Cut Industries, Inc., a provider of laser cutting, press brakes, and robotic welding services, was approved for a $1.2 million, 15-year loan at a 2.75 percent rate with a 7-year reset through Adams County Economic Development Corporation for a 28,115-square-foot expansion of its facility in Hanover. The expansion will enable the company to operate more efficiently and continue to grow. The project is expected to create five new jobs and retain 101 jobs in the next three years.
Lampire Biological Labs, Inc., a producer of antiserums used in immunization, pregnancy tests, and various drug tests, was approved for a $400,000, 15-year loan at a 3.75 percent rate through Bedford County Development Association for the acquisition of a 179-acre farm located in West Providence Township. This acquisition will enable the company to increase production by housing additional animals needed to produce biological materials used for drug testing and diagnostic and research use.
Homeland Manufacturing Services, Inc., a manufacturer of circuit cards and cables, was approved for a $900,000, 15-year loan at a 2.75 percent rate with a 7-year reset through Moshannon Valley Economic Development Partnership for the acquisition of real estate and the construction of the company’s new 12,500-square-foot manufacturing facility located at Benner Commerce Business Park in Benner Township. The company has outgrown its current facility, and this new manufacturing facility will enable the company to operate more efficiently and continue to grow. The project is expected to create 20 new jobs and retain 10 jobs over the next three years.
Phoenix Sintered Metals, LLC, a manufacturer of powdered metal parts, was approved for a $1,152,781, 10-year loan at a 3.75 percent rate through North Central Pennsylvania Regional Planning and Development Commission for the purchase of machinery and equipment and the rebuilding of an existing high-temperature furnace at the company’s manufacturing facility located in Brockway. The new equipment will enable more efficiency and greater capacity in production. The project is expected to create 10 new jobs and retain 76 jobs over the next three years.
Double C LLC, a newly-established operating company, was approved for a $200,000, 15-year loan at a 2.75 percent rate with a 7-year reset through EDC Finance Corporation to establish a new restaurant, The Double C, on Prince Street in the city of Lancaster. The project includes the acquisition and renovation of a 3,900-square-foot commercial space that will feature a casual neighborhood tavern style environment, and the fare will be centered around locally-sourced, grass-fed, and dry-aged Black Angus beef.
Levi’s Building Components, LLC, a manufacturer of metal roof snow guard systems and screws, and distributor of metal roof installation accessories, was approved for a $1,720,000, 15-year loan at a 2.75 percent rate with a 7-year reset through EDC Finance Corporation, to construct a new, larger 114,000-square-foot facility in which to locate its operations due to outgrowing its current facility. The project is expected to create 12 jobs and retain 32 jobs over the next three years.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.