HARRISBURG, Pa., April 6 /PRNewswire/ -- On behalf of Governor Edward G.
Rendell, Community and Economic Development (DCED) Secretary Dennis Yablonsky
today announced the approval of six Pennsylvania Industrial Development
Authority (PIDA) loans totaling nearly $5.97 million to create and retain more
than 300 jobs in five counties.
"The Rendell administration is working to ensure Pennsylvania has a strong
and vibrant economy," Secretary Yablonsky said. "The financial commitments we
make today lead to job creation for tomorrow. More employers and more jobs
bring more economic strength to our communities."
PIDA provides low-interest loans through local industrial-development
corporations for land and building acquisition and construction or renovation.
It targets manufacturers, industrial developers, research and development
firms, agricultural processors and employers establishing a national or
regional headquarters.
The following loans were approved by PIDA:
Blair County
Wolf Furniture Enterprises Inc., a furniture distributor, received a
$1.2 million loan for a 37,000-square-foot expansion of its warehouse in
Bellwood. The company is currently operating in a 140,000-square-foot
building and is expanding to serve customer needs. The company will create at
least nine new jobs in three years and retain 136. The Altoona-Blair County
Development Corporation is the sponsoring local economic development agency.
Bucks County
Breathe Safe Air Systems Inc. received a $196,000 PIDA loan to relocate
its existing plant to a 6,200-square-foot building in Warrington Township.
The company manufactures fire safety equipment and will create at least six
new jobs in the next three years and retain six when it moves to its new
facility. The Bucks County Economic Development Corporation is the sponsoring
local economic development agency.
Elk County
Pennsylvania Powdered Metals Inc. received a $100,000 PIDA loan to expand
its existing St. Marys facility by 5,000 square feet. Founded in 2001, the
company is a manufacturer of powdered metals parts for the automotive and
non-automotive industry. The company will retain 12 employees and create at
least four new jobs in the next three years. The St. Marys Area Economic
Development Corporation is the sponsoring local economic development agency.
Erie County
Alcor Corporation received an $875,000 PIDA loan for the acquisition of an
86,500-square-foot building that the company has been leasing since 1981. The
frozen food distribution center is located on Pittsburgh Avenue in Millcreek
Township. Alcor will retain 11 employees and create another 14 jobs over the
next three years. EIDCO, Inc. is the sponsoring local economic development
agency.
Formtech Enterprises Inc. received a $1.8 million loan to relocate its
existing plant to the Fairview Business Park. The company, which manufactures
extruded plastic products like office furniture and store fixtures, will keep
51 existing jobs and will create at least 12 more in the next three years when
it moves to its new 80,000-square-foot facility. EIDCO, Inc. is the
sponsoring local economic development agency. The new building will be
located in a designated Keystone Opportunity Zone.
Philadelphia County
PIDC Financing Corp. was awarded a $1.8 million loan to construct a
92,200-square-foot multi-occupancy building on Red Lion and Drummond Road in
the Millbrook section of Philadelphia. PIDC Financing expects the facility,
situated on 5 acres in a designated Keystone Opportunity Zone, to be occupied
by up to five tenants and to generate at least 40 full-time jobs.
For information on PIDA and other DCED funding, visit
http://www.inventpa.com.
CONTACT: Leslie Suhr of the Pennsylvania Department of Community and
Economic Development, +1-717-783-1132.
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