Corbett Administration Announces Low-Interest Loans Approved by Pennsylvania Industrial Development Authority
Press Release
New state investments approved by the Pennsylvania Industrial Development Authority (PIDA) will support the continued growth of Pennsylvania businesses that are projected to create 157 new jobs and retain 94 jobs.
At January's meeting, PIDA approved nearly $5.7 million in low-interest loans for seven projects, including two Machinery and Equipment Loan Fund (MELF) projects, two Small Business First projects (SBF), one Community Economic Development Loan Program (CED), and two PIDA loans in Allegheny, Butler, Juniata, Lancaster, Lehigh and Tioga counties that will generate more than $13 million in total investments.
"The approvals this month by the PIDA board showcase the immediate streamlined approval process executed through House Bill 1550 and we're happy to announce 157 new jobs through the approved projects," said Gov. Corbett.
In Oct. 2014, Gov. Corbett signed House Bill 1550, legislation to create a streamlined process for Pennsylvania business financing needs. The legislation consolidated the MELF, SBF, CED, Export Financing, and Pollution Prevention Assistance Account programs into PIDA to create a single entry point to support a number of business growth needs including: site development, infrastructure improvements, machinery and equipment acquisition, and capital for small businesses and entrepreneurs.
In 2015, PIDA has approved $5.56 million in low-interest loans that have resulted in $13 million in private investment and supported 251 created and retained jobs.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
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