2 Northampton County businesses to expand, create jobs with $9M in state loans
A pair of Northampton County businesses plan to expand and create job growth with the help of low-interest loans totaling $9 million through the Pennsylvania Industrial Development Authority (PIDA).
The loans announced Wednesday by Gov. Tom Wolf will support business growth in five Pennsylvania counties and will help to create and retain a total of 287 jobs. Among the six businesses named to receive the funding were Continental Cup Company LLC in Bethlehem and Green Leaf Productions Inc. in Hanover Township. PIDA loans were also announced for projects in Armstrong, Bucks, Lackawanna and Wyoming counties.
So far this year, PIDA has approved about $42 million in low-interest loans that have resulted in about $91 million in private investments and supported 998 created and retained full-time jobs, according to a news release. Since 2015, the authority says it has approved about $403 million in low-interest loans that have resulted in about $819 million in private investments and supported 15,763 created and retained full-time jobs.
Wolf said in a statement he remains committed in supporting growing businesses across the state and the loans will allow the six companies to prosper and expand.
“Providing resources for companies to succeed in Pennsylvania is vital to our economy, our communities, and our livelihoods,” the governor added.
The approved projects in Northampton County are:
Continental Cup Company LLC, a startup manufacturer of high-end graphic paper cups, receiving a 10-year, $210,000 loan at a 3.75% fixed interest rate to purchase machinery and equipment. This includes a lid automation system; dome lid mold; die cutter and punching machine; forklifts; racking system; pumps; and other small equipment. The total project cost is $491,562 and the company has committed to creating 44 new, full-time jobs and retaining 27 employees within three years. The manufacturing facility is at 1920 Spillman Drive in Bethlehem.
Green Leaf Productions Inc., through the Lehigh Valley Economic Investment Corporation, was approved for a 10-year, $945,000 loan at a 3% reset interest rate to acquire a 10,450-square-foot office building at 161 North Commerce Way in Hanover Township. The property plans to be used as a full-service multimedia production facility, providing the company with additional production space, as well as allow Green Leaf to expand along with the larger contracts the company has received. The total project cost is $2.1 million, and Green Leaf Productions has committed to creating 25 new, full-time jobs within three years.