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New PIDA loan approved to spur business growth in Bucks County
Ed Gruver//August 2, 2023//
A new $375,000 low-interest loan to support business expansion for Bucks County manufacturer First Look Display Group, LLC, has been approved through the Pennsylvania Industrial Development Authority (PIDA).
The loan approval was announced Wednesday by Department of Community and Economic Development (DCED) Secretary Rick Siger.
“PIDA loans are one of our key economic development investment tools and are vitally important to companies looking to grow, retool, or retain and hire additional workers,” Siger said in a statement.
First Look Display Group was approved for a 15-year loan at a 3.5% reset interest rate to assist in the purchase and renovation of their currently leased operational space in Bensalem Township. Founded in 2018, First Look Display Group, LLC designs and manufactures metal racking systems for a variety of uses, including point of purchase displays in retail environments and as storage units in industrial environments.
The company will also make renovations including full replacement of the roof, and installation of three overhead doors and ancillary dock equipment. First Look Display Group, LLC has committed to retain 11 current jobs and create three new, full-time jobs within three years.
Low-interest loans and lines of credit are provided by PIDA for eligible businesses that commit to creating and retaining full-time jobs, and for the development of industrial parks and multi-tenant facilities. PIDA loans can be used for land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit, multi-tenant facility projects, and industrial park projects.
Businesses in Pennsylvania eligible to apply for PIDA loans include agriculture, construction, child daycare, manufacturing, industrial, research and development, hospitality, defense conversion, recycling, computer-related services, mining, retail and service enterprises, and developers.
