Today, the Authority approved a total of $1.6 million in low-interest loans for two companies located in Allegheny and Schuylkill counties. These funds will help create 32 new jobs and retain 53 positions, as well as construct or develop a total of 110,000 square feet of work space.
"Whether an established corporation or a small, home-grown business, Pennsylvania takes great pride in working with companies to help them grow and create jobs," Governor Rendell said. "The commitments we are making today will benefit our residents and communities for years to come."
Today's projects were awarded low-interest loans from the Pennsylvania Industrial Development Authority, which provides capital for land and building acquisition or construction and renovation projects. The Authority targets manufacturers, industrial developers, research and development firms, agricultural processors and employers establishing national or regional headquarters in Pennsylvania.
During its 50-year history, the Pennsylvania Industrial Development Authority has invested more than $2.3 billion and has leveraged an additional $7.2 billion in local and private capital to build more than 300 industrial parks and business incubators in Pennsylvania. It has also helped to create and retain more than 800,000 jobs. Since 2003, the program has funded more than 324 projects totaling more than $315 million in loans. These investments have resulted in the creation of more than 7,800 new jobs and the retention of more than 26,300 jobs.
The following projects were approved at the August 2007 meeting:
Loan Oak Technology, beneficial owner of theatrical equipment manufacturer Pittsburgh Stage Inc., will receive a $564,000 loan for the acquisition and renovation of a building in Haysville Borough. The company will redevelop three buildings totaling 20,000 square feet to be used as both manufacturing and office space. Upon completion of the $1.4 million project, all 24 existing employees will be transferred to the site. The North Side Industrial Development Company Inc. is the local sponsoring agency.
Keystone Potato Products LLC, a potato product manufacturer, will receive a $1.12 million loan to expand its current facility in Frailey Township. The company will add 39,000 square feet to its 51,000 square foot building, allowing for further business growth. The $2.8 million project will help add 32 new jobs. The company currently has 29 employees, with an additional 16 having already been committed to through previous state funding. The Schuylkill Economic Development Corporation is sponsoring this project.
For information on the Pennsylvania Industrial Development Authority and other programs through the Department of Community and Economic Development, visit http://www.newpa.com or call 1-866-466-3972.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit his Web site at: http://www.governor.state.pa.us.
CONTACT: Teresa Candori 717-783-1116 Greg Morgan (DCED) 717-783-1132