Blair County business receives 700k loan from Wolf Administration

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FILE – In this Nov. 4, 2020, file photo, Pennsylvania Gov. Tom Wolf speaks during a news conference in Harrisburg, Pa., regarding the counting of ballots in the 2020 general election. Facing a deep, pandemic-inflicted budget deficit, Gov. Wolf will ask lawmakers for billions of dollars funded by higher taxes on Pennsylvania’s huge natural gas industry for workforce development and employment assistance to help the state recover. (AP Photo/Julio Cortez, File)

HARRISBURG, Pa. (WTAJ)– Gov. Wolf announced that a business in Blair County along with three other businesses in additional counties have been approved by the Pennsylvania Industrial Development Authority (PIDA) for a low-interest loan to improve operations and create more jobs.

So far in 2021, PIDA has handed out $38,577,782 in low-interest loans to businesses. These loans have created a turnout of $91,045,930 in private investment and also gave aid in the creation and also retaining an additional 1,592 jobs.

“PIDA funding is an incredible tool for growing businesses in Pennsylvania that are taking the next critical steps to advance capabilities and ensure they can continue to reliably serve consumers,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”

MacInnis Group, LLC was approved for a 15-year, $700,000 loan at a 1.5 percent rest rate through the Altoona-Blair County Development Corporation. The loan is for the business to acquire 55 acres of land in Greenfield Township. Pennstress will use the land as a lay-down yard for bigger concrete structures that will be manufactured at their nearby facility. The overall cost for the project is $1,400,000.

The three other counties in which additional businesses were approved for the loan are listed below:

  • Beaver County- Pauana Holdings, LLC– 15-year, $1,240,000 million loan at a 2.5 percent fixed rate rate to acquire a 40,200 sq. ft. multi-tenancy building located in Hopewell Township, Beaver County.
  • Bucks County- 701 Canal St LLC, 15-year, $627,600 loan at a 2.5 percent fixed rate to purchase a 41,792 sq. ft. multi-tenant facility located in Bristol Borough, Bucks County.
  • Chester County- J.D. Eckman, Inc, 10-year, $910,000 loan at a 2.5 percent fixed rate rate to expand J.D. Eckman’s existing corporate headquarters located in West Sadsbury Township, Chester County

The total cost for these three projects is $8,850,000. For more information about PIDA initiatives visit the Pennsylvania Department of Community and Economic Development’s website.

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