Chester County Business – the reporter online
Harrisburg—Four companies in Pennsylvania, including one from Chester County, receive low-interest loans to help them grow their businesses, serve their customers, and create and retain jobs.
The loan was awarded by the Pennsylvania Department of Industrial Development and announced Wednesday by Governor Tom Wolf.
“PIDA funding is a great tool for growing businesses in Pennsylvania, taking the next important step in improving functionality and ensuring that consumers continue to serve. We do, “Wolf said in a statement. “These affordable resources are invaluable because they play a major role in my administration’s commitment to expanding our business and supporting and growing the state’s economy and workforce.”
In Chester County, JD Eckman Inc., through the Chester County Economic Development Council, for 10 years at a fixed interest rate of 2.5% to expand its existing headquarters on 4781 Lower Valley Road in West Susbury Township. A $ 910,000 loan has been approved. ..
According to a press release, the property consists of an existing 27,000-square-foot, three-story, home-owned office building. The company plans to add 29,400 square feet of one-story Bayflex space. The new space will be primarily used as a warehouse and repair shop for company vehicles and equipment. The total cost of the project is $ 4,050,000.
JD Eckman is a full-service, family-owned highway and bridge construction company founded in 1945. The company has 500 employees, including in-house engineering staff and project managers of full-time registered professional engineers licensed in several states. engineer.
“PIDA funding is a great tool for growing businesses in Pennsylvania, taking the next important step in improving functionality and ensuring that consumers continue to serve. I’m here. “— Governor Tom Wolfe
In addition to JD Eckman Inc. in Chester County, the following loans have been made:
In Buck County, 701 Canal St LLC provides a $ 627,600 loan for 15 years at a fixed interest rate of 2.5% to purchase a 41,792-square-foot multi-tenant facility in the Bristol Autonomous Region through the Buck County Economic Development Corporation. Approved. The total cost of the project is $ 1,600,000.
In Beaver County, Pauana Holdings LLC provides a 15-year, $ 1.24 million loan at a fixed interest rate of 2.5% to acquire a 40,200-square-foot multi-tenant building in Hopewell Township through the Beaver County Economic Development Corporation. Approved. The total cost of the project is $ 3,200,000 and is expected to create at least 25 new full-time jobs within three years.
In Blair County, MacInnis Group LLC approves a $ 700,000 loan for 15 years with a 1.5% reset rate to acquire 55 acres of undeveloped land in Greenfield Township through the Altoona-Blair County Development Corporation. it was done. The total cost of the project is $ 1,400,000.
The total amount awarded for the latest loan was $ 3,477,600.
The Pennsylvania Department of Industrial Development’s financing program is managed through the Pennsylvania Department of Community Economic Development. The program provides low-interest loans and credit lines to companies in Pennsylvania working to create and retain full-time jobs in the federal government and to develop industrial parks and multi-tenant facilities. Loan applications are packaged and accepted by a network of accredited economic development organizations affiliated with the Pennsylvania Department of Industrial Development.
According to the authorities, in 2021, the authorities approved $ 38,577,782 for low interest rate loans, resulting in $ 91,045,930 for private investment, creating and maintaining 1,592 full-time jobs.
For more information on the Pennsylvania Department of Industrial Development and other Regional Economic Development Department initiatives, please visit: dced.pa.gov.