Stroud Township, Monroe County, PA -
Department of Community and Economic Development (DCED) Secretary Rick Siger today announced the approval of five new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and boost the economy in Bucks, Lehigh, Monroe, Perry, and Philadelphia counties. The projects supported through these loans will create 256 new, full-time jobs and retain 46 existing jobs.
These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania. So far in 2023, PIDA has approved over $51 million in low interest loans that have resulted in more than $149 million in private investment and created and retained a total of 1,331 full-time jobs.
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.
“A PIDA loan is one of our key economic development investment tools to help generate business growth and create new jobs here in the Commonwealth,” said Secretary Siger. “The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse and PIDA gives businesses the resources to help make that happen.”
The FABPAC Corporation, through Pocono Mountains Industries, Inc., was approved for a 15-year $554,935 loan at a 4.50-percent reset interest rate to help renovate its newly acquired 288,000-square-foot commercial packing manufacturing facility at 1941 Paradise Trail in Stroud Township. The renovations include new offices, a conference room, a cafeteria, restrooms, entrances, a reception and waiting room, executive suites, a sample room, and locker rooms. The company, also through Pocono Mountains Industries, Inc., was approved for a three-year, $100,000 SBF-Working Capital loan at a 5.00-percent fixed interest rate, which will be used for administrative, payroll and inventory expenses. The total project cost is $1,309,870. Fifty-seven new jobs will be created as a result of the project within the next three years.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
Governor Shapiro’s bipartisan, commonsense 2023-24 budget spurs job creation, invests in manufacturing innovation, cuts red tape for businesses, and provides the funding to make the Commonwealth more competitive on a global scale. For more information, visit Governor Josh Shapiro’s 2023 Budget website.
For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X (formerly Twitter), and LinkedIn.
MEDIA CONTACT:
Penny Ickes, dcedpress@pa.gov
