In 2024, PIDA has approved $27,984,451 in low interest loans resulting in $47,242,997 in private investment, the creation of 178 full-time jobs, and retention of 406 existing jobs.
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and create new jobs. The projects supported through these loans are expected to create at least 19 new, full-time jobs and retain more than 180 positions across three counties.
In 2024, PIDA has approved $27,984,451 in low interest loans that have resulted in $47,242,997 in private investment and created and retained a total of 584 full-time jobs.
“PIDA loans are one of the Commonwealth’s key economic development investment tools to help generate business growth and create new jobs,” said Secretary Siger. “These loans awarded in Centre, Lancaster, and Westmoreland counties will help businesses there expand and create new opportunities for residents—growth that is essential to achieving the Shapiro Administration’s goal of transforming Pennsylvania into an economic powerhouse.”
The approved projects are as follows:
Centre County
- Advanced Powder Products, Inc., through the Moshannon Valley Economic Development Partnership, Inc., was approved for a 15-year, $2.25 million loan at a 3.75 percent reset interest rate, along with a 7-year, $700,928 Machinery and Equipment Loan Fund (MELF) loan at a 4.75 percent fixed interest rate, to expand its facility at 301 Enterprise Drive in Rush Township and purchase advanced technology machinery. The company, which specializes in metal injection molding and 3D metal printing, sustained significant fire damage in 2023 and will use the PIDA loan to construct a new 29,000-square-foot building. The MELF loan will allow the company to invest in new CNC machinery, molding automation, and robotics. The total project cost is $7.47 million, and the company expects to create 15 new full-time jobs and retain 165 full-time jobs.
Lancaster County
- Seven Trees Woodworking, LLC, through the EDC Finance Corporation, was approved for a 15-year, $975,000 loan at a 3.75 percent reset interest rate to purchase an industrial building located on a 3.80-acre parcel of land at 124 King Court in Earl Township. The company currently leases the property, which includes a 28,304-square- foot industrial building, with 12,000 square feet of warehouse space and 3,504 square feet of office space. The total project cost is $2 million, and the company expects to create four new jobs and retain 19 full-time jobs within the next 3 years.
Westmoreland County
- Shilling Real Estate, LLC, through the Economic Growth Connection of Westmoreland, was approved for a 10-year, $877,400 loan at a 3.75 percent reset interest rate to construct an 11,625-square-foot, multi-tenant building at 2224 Boyd Road in Penn Township. The new building will be a combination of office and warehouse space. One-third of the building will be leased to Shilling Medical Supply, Inc., which is owned by the developer, while the remaining space will be marketed to new tenants. The total project cost is $2.19 million.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
Governor Josh Shapiro’s 2024-25 bipartisan budget delivers on key priorities to make Pennsylvania more competitive economically and includes:
- $500 million for site development, including $400 million for the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program
- $20 million for the Main Street Matters program to support small businesses and commercial corridors that are the backbone of communities across our Commonwealth
- $15 million for tourism marketing to boost our economy, attract more visitors, and support good-paying jobs — building on the Governor’s launch of The Great American Getaway brand to encourage tens of millions within a few hours’ drive to visit Pennsylvania