F.M. Brown’s Sons Inc. of Sinking Spring received a Pennsylvania Industrial Development Authority low-interest loan to purchase processing equipment, Governor Tom Wolf said today.
The company received one of nine loans to support business growth that Wolf said will help create and maintain more than 375 jobs across the state.
“The PIDA loans approved today provide the support needed for nine businesses to expand and succeed,” said Wolf. “Through the acquisition of new property, the expansion of existing buildings, and the purchase of new equipment, this funding ensures these businesses can grow their operations right here in Pennsylvania.”
F.M. Brown’s Sons, through the Greater Berks Development Fund, was approved for a 10-year $700,000 loan at a 2.5 percent fixed interest rate to purchase processing and packing equipment for its 205 Woodrow Avenue, Sinking Spring, Berks County facility.
This loan will allow the company to purchase packaging equipment, holding bins, warehouse pallet racking, and conveyors required to fill their pet food bags at scale. The total project cost is $1,400,000 and the company has committed to creating ten new, full-time jobs and retaining 89 jobs within three years, a Wolf administration press release said.
To date in 2022, PIDA has approved $8,845,000 in low-interest loans that have resulted in $16,170,748 in private investment and supported 269 created and retained full-time jobs. Since 2015, PIDA has approved $361,778,277 in low-interest loans that have resulted in $727,981,169 in private investment and supported 14,765 created and retained full-time jobs.