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Tag: PIDA

New PIDA loan approved to spur business growth in Bucks County

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.

Pair of Lehigh Valley business approved for state loans

Two Northampton County companies have been approved for low-interest loans through the Pennsylvania Industrial Development Authority.

Gov. Tom Wolf announced the approvals this week, along with four other PIDA loans to support business growth.

Continental Cup Co. LLC, through Lehigh Valley Economic Investment Corp., will receive a 10-year $210,000 loan at 3.75% fixed interest rate to buy machinery and equipment, including a lid automation system; dome lid mold; die cutter and punching machine; forklifts; racking system; pumps; and other small equipment, which will be installed at its manufacturing facility at 1920 Spillman Drive, Bethlehem.

Total project cost is $491,562, and Continental Cup has committed to create 44 full-time jobs and retain 27 employees within three years.

Green Leaf Productions Inc., through Lehigh Valley Economic Investment Corp., will get a 10-year $945,000 loan at a 3% reset interest rate to acquire a 10,450-square-foot office building at 161 North Commerce Way, Hanover Township. The project site, which will be used as a full-service multimedia production facility, will provide Green Leaf with more production space and allow it to expand.

Total project cost is $2.1 million, and the company has committed to create 25 full-time jobs within three years.

So far this year, a release said, PIDA has approved more than $41.5 million in low-interest loans, producing almost $91 million in private investment and supporting 998 created and retained full-time jobs.

Paula Wolf is a freelance writer

‘Power Stick’ manufacturer moving to Forks, investing $16.7M and creating 105 jobs

A.P. Deauville, a marketer and manufacturer of men’s personal care products, is moving from New Jersey and will purchase and renovate an 180,000-square-foot facility in Forks Township. PHOTO/COURTESY LVEDC –

 

A health and beauty products manufacturer is moving to the Lehigh Valley to meet its growth needs.

A.P. Deauville LLC, which manufacturers the Power Stick brand of anti-perspirant, body wash and body sprays, will invest $16.7 million to move its headquarters and manufacturing operations from New Brunswick, New Jersey, to Forks Township. The move is expected to create 105 new jobs in the region over the next three years.

The company plans to purchase and renovate an 180,000-square-foot facility doubling its current manufacturing capacity in New Jersey. Deauville plans to spend $9 million to acquire the facility, $5 million for machinery and equipment and $2 million in renovations.

The Pennsylvania Department of Community and Economic Development offered the company a $250,000 Pennsylvania First grant to be distributed upon the creation of the new jobs and $50,000 for job training.

“A.P. Deauville is excited to start the next phase of growth in Pennsylvania and could not have made this move without the help of the Governor’s Action Team, which helped us secure significant statewide tax incentives and grants that made it a very easy decision for us to relocate to Pennsylvania,” said Frederick Horowitz, CEO of A.P. Deauville LLC.

Gov. Tom Wolf welcomed the company’s move to the Lehigh Valley.

“The Lehigh Valley is a region historically known for its manufacturing strength and we are pleased that A.P. Deauville is relocating its operations here,” he said. “The need for A.P. Deauville to more than double its production space to keep up with consumer demand is a testament to the company’s growth, and it will result in a significant and long-term investment and 105 new well-paying manufacturing jobs for Pennsylvanians.”

The Lehigh Valley Economic Development Corp. and Northampton County Industrial Development Authority helped in luring the company to the region. The NCIDA awarded a $105,000 Job Creation Grant Program to Deauville to offset the cost of machinery and equipment.

“This is exactly the kind of project NCIDA exists to support: one that creates high-quality, high-paying jobs in a key target sector for the Lehigh Valley economy,” said Marilyn Lieberman, chair of the NCIDA. “We’re so pleased we could play a role in helping bring this company to Northampton County and to support their future growth and success here in the Lehigh Valley.”

The company has been encouraged to apply for a Pennsylvania Industrial Development Authority (PIDA) loan and may also be eligible for DCED’s Manufacturing Tax Credit program.

Deauville sells its products at national retailers such as CVS, Stop & Shop, Menards, Foodtown, Giant Foods, ShopRite, Hannafords, Dollar Tree and Family Dollar.

Don Cunningham, president and CEO of the LVEDC said Lehigh Valley’s central location and proximity to markets will help the company continue selling its brands to major retailers.

As an employer, wages at A.P. Deauville range from $15 per hour for production workers to $100,000 annually for senior management.

“This is exactly the kind of development we want to encourage in Northampton County,” said Northampton County Executive Lamont McClure. “A.P. Deauville will be a wonderful addition to our business community.”

The new facility will be at 3700 Glover Road in Forks Township. The company hopes to complete renovations by October and be up and running by the end of the year.

$100,000 low interest loans available for small businesses through PIDA

Small businesses with 100 or fewer full-time employees have the opportunity to apply for a $100,000 low-interest loan through the Pennsylvania Industrial Development Agency (PIDA), state officials said this week.

This opportunity comes as the officials approved $61 million to be allocated as low-interest loans for small businesses impacted by the economic toll of COVID-19. The PIDA will open the application process in the near future, and the guidelines for qualifying businesses have been drafted.

Qualifying businesses will need to verify that over the past three months they have spent an amount equal to their loan request on direct business expense — payroll, utilities, rent, debt and inventory, etc. — up to the maximum $100,000 loan amount.

Retail businesses will need to show a 1:1 match on expenses over the past six months. In other words, these businesses must verify they spent at least $200,000 on direct business expenses in order to realize a maximum loan amount of $100,000.

There are no application fees associated with the loan, and neither payments nor interest during the first year are included in the terms of the loan, according to an announcement from Senator Scott Martin, R-Lancaster County.

The interest rate ranges from 0%-3%, according to state Rep. Justin Simmons, R-Lehigh County.

“The outbreak of this virus and subsequent mitigation efforts have forced thousands of establishments to either close or significantly change their business practices,” Simmons said. “Fortunately, help is on the way for small businesses all over the state.”

The federal Small Business Administration (SBA) has also worked with state officials to support small businesses impacted by the spread of the coronavirus (COVID-19) with up to $2 million in targeted, low-interest disaster recovery loans.

President Trump’s National Emergency declaration — the “Coronavirus Preparedness and Response and Supplemental Appropriations Act” — in response to the COVID-19 spread in the U.S., authorizes the SBA to offer Economic Injury Disaster Loans to struggling small businesses, according to the SBA.

“The president’s declaration, coupled with the administration’s unprecedented efforts to mobilize and involve the full force of the federal government and the private sector — including leaders in science, medicine, transportation, finance and business — will help save lives and reduce economic disruptions in every community,” said SBA Administrator Jovita Carranza.

PIDA loans to fund two major area economic development projects

Jeff Tyber, president & CEO of Tyber Medical, left, with an employee at the company’s Lehigh Valley facility. (Photo courtesy of LVEDC) –

A number of economic development projects around the state, including two in the Greater Lehigh Valley, are getting a boost from low-interest loans that have just been approved by the Pennsylvania Industrial Development Authority.

Tyber Medical LLC in Hanover Township, Northampton County, a private label orthopedic device company, will receive a $400,000 10-year, 2.75 percent PIDA loan through the Lehigh Valley Economic Investment Corp. to purchase machinery and equipment for its new 35,000-square-foot leased manufacturing facility, next to its current facility. The company will soon be using that space to bring manufacturing and packaging in house in hopes of gaining greater control of its supply chain and improving quality control.

The total cost of the project is $800,000 and Tyber Medical said it plans to invest a total of $3.8 million into the facilities, which is expected to create 44 new, full-time jobs and retain 35 existing jobs over the next three years.

The Greater Berks Development Fund will receive a $2.25 million, 15-year, 2.75 percent PIDA loan to help it acquire a 66.29-acre tract of land in Ontelaunee Township towards the development of an industrial park there.

According to the governor’s office, the land was previously agriculturally zoned land owned by F&G Family Farm but was recently rezoned industrial commercial. It would be part of a more than 122-acre parcel of land that would be used to create the Ontelaunee Industrial Park II at the southeast corner of the intersection of Routes 61 and 73.

The project is expected to take 5 to 7 years, ultimately creating more than 1-million square feet of manufacturing and warehousing space and bringing between 800 and 1,000 jobs to the region.

Berks farm will add pullet house with state loan money

A Berks County farm will be expanding its operations thanks to a $400,000 economic development loan from the Pennsylvania Development Authority.

Jeffrey and Tracy Rohrer, who have a farm in Upper Bern Township, will use the funds for building a chicken pullet house. A pullet is a young hen.

The Greater Reading Chamber Alliance assisted the family farm in obtaining the loan.

“We have seen an increase in utilizing PIDA for agribusiness lending, as more farmers are becoming aware of this low interest financing opportunity which reduces their overall expansion costs,” said Deb Heffner, GRCA business outreach director.

In March the Reading Eagle reported that the Rohrers received zoning approval for the expansion to add 45,000 pullets to their 145-acre farm operation.

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