Pennsylvania Industrial Development Authority Loans Inspire $15.9 Million In Manufacturing Expansion Projects
Area Development Online News Desk (09/10/2013)
Nearly $5.07 million in low-interest loans approved by the Pennsylvania Industrial Development Authority will spark three firms in Lancaster, Luzerne, and Westmoreland counties to undertake expansion projects totaling $15.9 million, creating 62 jobs throughout the state.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
“With unemployment at the lowest it’s been since the recession and our economy on the comeback, Pennsylvania’s businesses have the confidence to invest in new growth,” Gov. Tom Corbett said. “Our support of that growth is resulting in new jobs for Pennsylvanians and the opportunity to live well and invest in the future.”
In Lancaster County, Quality Bicycle Products, Inc., a distributor of bicycle parts and products, received a $2 million, 15-year loan at 2.5 percent interest, to construct a new 120,000-square-foot distribution center in East Hempfield Township, Pennsylvania. The company will relocate from its existing, rented location in Middletown, Dauphin County. The $10 million project will include the transfer of 57 positions and will create 23 new positions at the site in Lancaster County. The project is being sponsored by the EDC Finance Corporation.
In Luzerne County DBI Services, LLC, which provides road, vegetation, cleaning and asset management to clients received a $2.25 million, 15-year loan at 2.5 percent interest to purchase and renovate an existing 44,182-square-foot facility in Hazleton, Pennsylvania. DBI has outgrown its current facility in Hazleton, two miles away from the new project site, and will move some positions to the new site and hire an additional 10 new employees. The more than $3.9 million project will establish the company’s world headquarters. The project is being sponsored by the Greater Hazleton Community Area New Development Organization, Inc.
In Westmoreland County, Lesleh Precision, Inc., a CNC precision machinery manufacturer, will receive an $816,646, 15-year loan at 2.25 percent interest to acquire an existing 32,706-square-foot facility in Rostraver Township, Pennsylvania. The more than $2 million project will include the retention of 32 positions and creation of 29 new positions at the new site. The project is being sponsored by the Economic Growth Connection of Westmoreland.