The Pennsylvania Industrial Development Authority has approved low-interest loans to help four growing businesses in Berks, Lawrence, Luzerne, and Westmoreland counties.
“My administration remains committed to investing in businesses that want to succeed here in Pennsylvania,” said Gov. Wolf. “The PIDA loans approved today will support companies as they expand, hire new employees, and boost the economies of their surrounding communities.”
In Berks County, Van Industries Inc., through the Greater Berks Development Fund, was approved for a 10-year, $795,175 loan at a 2.5 percent fixed interest rate to purchase a new fiber high speed laser cutter to meet increased customer demand.
The new laser cutter will allow the company to expand production and greatly improve productivity and efficiency compared to the outdated laser cutter currently being used by the company.
Van Industries Inc. offers metal fabrication, welding, laser cutting, CNC precision engineering, powder and ceramic coatings, and abrasive cleaning services. The total project cost is $1,590,350 and the company has committed to create five, new full-time jobs and retain 25 current positions within three years.
In 2021, Pennsylvania Industrial Development Authority has approved $42,755,382 in low-interest loans that have resulted in $98,240,924 in private investment and supported 1,811 created and retained full-time jobs.