New PIDA loans to spur business growth, create jobs in Berks and Chester Counties

Since 2023, PIDA has approved more than $56 million in loans that will generate over $165 million in private investment and support over 1,520 created and retained total jobs.

Department of Community and Economic Development (DCED) Secretary Rick Siger announced Wednesday the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and boost the economy in Berks and Chester counties. The projects supported through these loans will create 20 new, full-time jobs and retain 103 existing jobs.

These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania. Since 2023, PIDA has approved more than $56 million in low interest loans that have resulted in more than $165 million in private investment and created and retained over 1,520 full-time jobs.

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PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

“The PIDA loans approved here today are helping these two businesses expand operations, as well as creating and retaining over 100 jobs here in the Commonwealth,” said Secretary Siger. “The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse and these PIDA loans give businesses the tools to help make that happen.”

In Berks County, New Castle Lawn & Landscape, Inc., through the Greater Berks Development Fund, was approved for a ten-year $640,000 loan at a 4.00-percent reset interest rate to help with the acquisition of 12.91 acres of land adjacent to their current headquarters, located at Lot 1, East Point Drive in Birdsboro Borough. The land will initially be used to increase their footprint with much-needed parking and then to construct a pole building in 1-2 years. The pole building will be used to warehouse their equipment and trucks to ensure longer life. The total project cost is $1,600,000. This project will create 15 new jobs and retain 68 existing jobs within the next three years.

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In Chester County, Metalum LLC, through the Chester County Economic Development Council, was approved for a ten-year $2,000,000 loan at a 4.00-percent reset interest rate to assist with the construction of a new 51,834-square-foot. manufacturing warehouse and an attached 5,234-square-foot office area. This will be an addition to the existing 14,000-square-foot manufacturing/warehouse area and office space. This expansion project will provide Metalum with the space necessary to take on larger/heavier fabrication jobs that come with higher profit margins and enable them to compete with larger fabricators The total project cost is $8,000,000. This project will create five new jobs and retain 35 existing jobs within the next three years.

Today’s announcement builds upon Governor Shapiro’s commitment to create a stronger economy across Pennsylvania. Since day one, Governor Shapiro and his Administration have been working aggressively to make Pennsylvania a leader in innovation and economic development and create economic opportunity for all Pennsylvanians. Last month, Governor Shapiro and DCED Secretary Rick Siger launched the Commonwealth’s first Economic Development Strategy in nearly two decades — building on the Shapiro Administration’s work to make Pennsylvania a leader in innovation and economic development and to create economic opportunity for all Pennsylvanians.

The Governor’s 2024-25 budget calls for significant investments directly tied back to this ten-year strategy and issues a strong call to action for partners across all sectors to join in with their support.

In addition to the $25 million for the Main Street Matters program, other proposed economic development investments in the Governor’s budget include: $500 million in PA SITES funding to bring more commercial and industrial sites to Pennsylvania; $20 million to support large-scale innovation and leverage Pennsylvania’s best-in-class research and development assets; and $3.5 million to create and launch the Pennsylvania Regional Economic Competitiveness Challenge to incentivize regional growth.

You can read Pennsylvania’s first economic development strategy in 20 years here. For more information on how the Governor’s proposed budget will create opportunity for all Pennsylvanians, visit shapirobudget.pa.gov.

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Berks Weekly
Berks Weekly
Berks Weekly is an independent and locally owned digital newspaper covering the City of Reading and Berks County. Subscribe today: berksweekly.com/subscribe
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