HARRISBURG, Pa. (WHTM) — Governor Tom Wolf announced earlier today on Jan. 4 the approval of more than $350,000 in funding to support business growth and job retention in Franklin County.
The newly approved $354,742 in funding is being provided in the form of a new low-interest loan through the Pennsylvania Industrial Development Authority (PIDA). According to PIDA’s webpage, they provide low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs. Additionally, PIDA loans can be approved and utilized for for the development of industrial parks and multi-tenant facilities.
“Ensuring companies have the ability to grow and expand in Pennsylvania is a vital component of our economy, our communities, and our livelihoods,” Gov. Wolf said. “PIDA loans, like the one approved today, help provide the resources companies need for continued success here in the commonwealth.”
The recently approved loan was provided to Hopewell Manufacturing, Inc., located on 217 N. Franklin St. in Waynesboro – and was approved through the Franklin County Area Development Corporation. According to the Governor’s Office, the approved 10-year loan at a 4.75% fixed interest rate will be utilized for multiple upgrades and improvements to aid Hopewell Manufacturing, Inc. in keeping up with increasing sales.
These improvements to expand their production includes:
- Spray Booth
- Conveyer system
- Paint mix room
- Batch powder booth
- Industrial batch oven
- Two forklifts
The total cost of the production expansion project at Hopewell Manufacturing, Inc. is $709,485. According to the Governor’s Office, this investment will help the Franklin County-based manufacturer to retain 16 full-time jobs within the next three years.
In 2022, PIDA approved $53,855,862 in low interest loans for entities across the Keystone state, which resulted in private investments totaling $113,991,797. According to the Governor’s Office, these 2022 investments supported 1,304 newly created and retained full-time jobs. Additionally, since 2015, PIDA investments helped to create and retain 16,069 full-time jobs.
For more information about PIDA and the Department of Community and Economic Development (DCED) programs and initiates, you can visit the DCED’s website.