HARRISBURG (Newsradio 1020 KDKA) — On Wednesday, the Wolf administration announced three new “low-interest loan approvals” for businesses in Mercer, Susquehanna, and Westmoreland counties.
The loans were secured through the Pennsylvania Industrial Development Authority.
There are hopes that the cash infusion will help the businesses “expand their operations, enhance services and improve facilities, and create and retain jobs.”
In 2020 alone, PIDA loans have helped provide $38,907,915 worth of loans and, in turn, created $70,615,022 in private investment.
Those loans also helped with the creation and retention of 1,201 full-time jobs.
“As 2020 draws to a close, we reflect on the challenges faced by Pennsylvania’s critical industries as a result of the COVID-19 pandemic, and the fortitude they have demonstrated over the past ten months,” said Governor Tom Wolf. “The investments we make in businesses that power those industries will help them continue to grow, expand, and thrive into the new year and beyond.”
The Wolf administration has detailed the approved PIDA projects:
American Cap Company, LLC, through Penn-Northwest Development Corporation, was approved for a 10-year, $1.35 million loan at a 1.75 percent fixed rate to purchase and install machinery and equipment related to the company's expansion of its coupling product line at its manufacturing facility in Wheatland Borough. The expansion of this line also includes the installation of a coupling phosphate line, a coupling painting line, and ancillary equipment required to complete the manufacturing expansion. Both the phosphate and paint lines have been previously outsourced to third parties. American Cap Company, LLC, manufactures component parts for the industrial gas, specialty gas and welding supply industries, and premium and semi-premium couplings for the Oil Country Tubular Goods (OCTG) industry. The total project cost is $2,940,980 and the company will retain 210 jobs.
DH Manufacturing, LLC, through the Northern Tier Regional Planning & Development Commission, was approved for a 10-year, $400,000 loan at a 1.75 percent fixed rate to purchase machinery and equipment located in Bridgewater Township. The equipment to be acquired includes skid loaders, excavators, forklifts, and stone saws among other miscellaneous items. DH Manufacturing, LLC, specializes in stone manufacturing with a focus on cutting dimensional thermal bluestone products. This includes but is not limited to stair treads, pool coping, dimensional patio stone, and large cutting stock which is used for special orders. The total project cost of $816,185, and the company will create eight and retain 15 full-time jobs within three years as a result of this project.
The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) was approved for a 15-year, $2.25 million loan at a 1.75 percent fixed rate to renovate the RIDC Westmoreland Plant (the former Sony Facility). With this project, RIDC will assist the expansion of Intervala within the RIDC Westmoreland facility. Intervala—a full-service manufacturer of complex, high-performance printed circuit board assemblies, electromechanical systems, and cable and harness assemblies—will be expanding its site from 136,500 square feet to approximately 220,000 square feet. Currently, Intervala employs approximately 210 in the RIDC facilities, with plans to expand to 350 jobs over the next five years. Tenants leasing space in RIDC Westmoreland include DNP IMS America, Cenveo, Westmoreland County Community College, Siemens, and ARGO. Three additional units totaling 23,000 sq. ft. are currently leased on a short-term basis.