HARRISBURG, Pa. (WHTM) — Governor Wolf announced earlier today on Dec. 7, 2022, an additional $1 million in funding to support small businesses in three different counties.
The additional $1 million in funding for small businesses in Central Pennsylvania was provided as three low-interest loans, through the Pennsylvania Industrial Development Authority (PIDA), according to the Governor’s Office. The new investment is expected to help create and retain a total of 79 jobs.
In 2022 alone, PIDA has approved $52,528,762 in low-interest loans, which resulted in private investments totaling $111,744,897, according to the Governor’s Office. Additionally, these investments helped to create and retain 1,225 full-time jobs.
The new $1 million in low-interest loan funding is being utilized by three different businesses in three separate counties, with the purpose of strengthening business growth:
- Little Life Enrichment Center – Approved for a 15-year loan of $400,000 at a 4.7% fixed interest rate. The funding will be used to help construct a 4,495 square foot addition to their current building at 125 Dogwood Court in Hamilton Township. The expansion project is expected to help retain 29 full-time jobs.
- Youveau Aesthetics LLC – Approved for a 15-year loan of $180,000 at a 3.0% reset interest rate. The funding will be utilized to help acquire and renovate a new facility at 2417 N. Front St. in Harrisburg. The new facility is expected to allow for the addition of three new employees, once it is complete.
- Ashley Machine & Tool Co. – Approved for a 15-year loan of $527,100 at a 3.0% reset interest rate. The funding will be used to help acquire and and renovate a 43,084 square foot facility at 1450-1460 Shoemaker Ave. in West Wyoming Borough. The company has committed to creating seven new, full-time jobs over the next three years, and plans to retain 43 employees.
For more information about PIDA and the other programs and initiatives being offered, you can visit the Department of Community and Economic Development’s (DCED) website.
“The PIDA loans approved today provide the resources these companies need to grow and succeed in Pennsylvania,” Gov. Wolf said. “My administration has been steadfastly committed to investing in businesses across the commonwealth to grow our business sector, maintain a healthy business climate, and encourage the creation of family sustaining jobs for Pennsylvanians.”