Subscribe
Close
  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Renew

Companies In Bucks, Armstrong Counties, Eye Expansion With Pennsylvania IDA Incentives

08/07/2018
Three companies have been approved for low-interest loans through the Pennsylvania Industrial Development Authority that will enable the relocation of businesses into The Keystone State and re-open a closed-down limestone mining site. The projects are expected to create nearly 40 full-time jobs in Pennsylvania.

“Any time that providing access to capital helps companies move here to Pennsylvania, or re-open a shuttered business, it’s a big win for the communities that will benefit from the new jobs the projects will create,” Governor Tom Wolf said. “We will continue to work with businesses that are looking to come here and grow Pennsylvania’s economy.”

PIDA loans include:

In Armstrong County, Britt Energies Inc., a limestone mining company, was approved for a $400,000, 7-year loan at a 3.75 percent rate through Southwestern Pennsylvania Corporation. The loan will enable the company to reopen mining operations at the former South Bend Mining limestone mining site in Spring Church that ceased operations in the early 1990s.

The funding will be used for the purchase of machinery and equipment. A local outside contractor will surface mine the stone using excavators, dozers, and articulating rock trucks, and a local blasting company will use explosives to fracture the stone so that it can be moved by heavy equipment. The stone will be crushed and manipulated in various sizes for different products.

In Bucks County, Farm and Oven Snacks, Inc., a manufacturer of healthy bite-sized bakery snacks, was approved for a $275,000, 5-year loan at a 3.75 percent rate through Bucks County Economic Development Corporation.

The loan will provide an incentive for company’s relocation from Colorado into Warminster Township. The loan funding will be used for the acquisition of food production machinery and equipment and working capital associated with the large-scale production of bakery bites at the Warminster Township location.

In addition, Cardolite Corporation, a researcher and developer of cashew nutshell liquid products, was approved for a $1,250,000, 15-year loan at a 2.75 percent rate with a 7-year reset through Bucks County Economic Development Corporation.

The company will purchase a 32,280-square-foot building in Bristol to be used for the development of new products. This building acquisition will enable the company to relocate from New Jersey to Pennsylvania, where it will continue research and development of specialty chemicals.

Article Discussion

Follow Area Development

Share