Major Boost for Pennsylvania Economy as Low-Interest Loans Get Green Light for Business Growth
The Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of three new low-interest loans. Designed to fuel business expansion in Lebanon, Lehigh, and Pike counties, these loans are set to create and sustain jobs in the region.
Through the Pennsylvania Industrial Development Authority (PIDA), six new full-time jobs will be created, and 20 existing jobs will be retained. This bold action underlines Governor Josh Shapiro’s commitment to foster a stronger economy across Pennsylvania. Since 2023, PIDA has endorsed over $54 million in low-interest loans catalyzing more than $156 million private investment and retaining and creating a total of 1,395 full-time jobs.
Giving businesses a leg up, PIDA’s low-interest loans and credit lines encourage the creation and retention of full-time jobs. But that’s not all—these loans also support the development of industrial parks and multi-tenant facilities.
“These loans are not just about money, they’re about the future of our Commonwealth,” said Secretary Siger. “The approved loans are just a stepping stone in our journey to transform Pennsylvania into an economic powerhouse.”
Key projects reaping the benefits of these loans include:
Lebanon County’s Keystone Precision Cylinder, LLC secured a loan of $675,000 to acquire a 1.88-acre industrial property to continue and potentially grow its business. This project will enable Keystone Precision Cylinder, LLC to operate without any risk of being displaced, with the promise of creating two new jobs and retaining seven existing ones.
In Lehigh County, Custom Metal Fabricating, Inc was approved for a loan of $129,960 to purchase two, five-ton overhead cranes, essential for their high-end staircase manufacturing process. This move will contribute to the retention of ten full-time jobs.
Pike Food Branding, LLC in Pike County, will make use of a $453,200 loan to acquire and renovate a building to expand its operations. This project is expected to create four new full-time jobs and retain three existing ones.
Businesses based in Pennsylvania across various industries, such as agriculture, manufacturing, research and development, hospitality, defense conversion, recycling, computer-related services, construction, child daycare, mining, retail, service enterprises, and developers, are eligible to apply for PIDA loans.