The Greater Berks Development Fund was awarded a $1.35 million low-interest loan to acquire and develop the former Glidden Paints property on 19.4 acres in Reading.
The site, which closed in 2007, previously had 67 buildings and was used for the manufacturing of latex, solvent-based paints and resins.
The site needs cleanup and remediation.
Redevelopment costs will include environmental remediation, sidewalks, curbs, lighting and landscaping. Total project cost is projected to be $2.25 million.
The loan was among $4.5 million in loans announced by state Department of Community & Economic Development Secretary Dennis Davin on Wednesday.
The investments approved by the Pennsylvania Industrial Development Authority will support the continued growth of businesses that are projected to create at least 109 new jobs and retain 195 more positions.
PIDA approved the 15-year loans at 2.75 percent for four projects in Allegheny, Berks, Lancaster and Lebanon counties.
The combined loans are expected to generate more than $13.32 million in total investments.
