LITITZ, Pa. (WHTM) — The Department of Community and Economic Development (DCED) announced five new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA).
The loans are awarded to support business growth in five counties that will help create and retain 157 total jobs.
“A PIDA loan is a great tool to help companies succeed and thrive here in Pennsylvania,” said Acting Sec. Siger. “The loans approved today will help boost business growth and generate jobs – a benefit to our economy, our communities, and our livelihoods across the Commonwealth.”
Rock Lititz, LLC, through EDC Finance Corporation, was approved for a 15-year $2,250,000 loan at a 3.75% reset interest rate to construct a 133,600-square-foot multi-occupancy building located at 400 Rock Lititz Boulevard, Warwick Township.
This project is the fifth loan award the company has received from PIDA since 2015. The new condo will house three tenants – TAIT, Clair Global Corporation, and Major Mega – all part of the live event industry. The total project cost is $15,392,926.
R & S Fence Co., through the York County Economic Development Corporation, was approved for a 15-year $1,575,000 loan at a 3.75% reset interest rate to develop a 10-acre site located on York Road, Carroll Township to house the company’s new operations.
The project includes site work, construction of a 15,000-square-foot fabrication building, and a 9,860-square-foot office and showroom. The total project cost is $4,251,000 and the company will retain 13 full-time jobs and create eight new full-time jobs within three years.
In Adams County, Hickory Bridge Farm, Inc., through the Adams County Economic Development Corporation, was approved for a 15-year $71,866 loan at a 4.75% fixed interest rate. They plan to renovate a 6,500-square-foot building located behind the existing restaurant and event venue located at 96 Hickory Bridge Road, Orrtanna, Hamiltonban Township.
The project includes the purchase and installation of a new HVAC system for the renovated building. The total project cost is $145,135 and the company will retain seven jobs.
Other awards were given to businesses in Beford and Fayette counties.