Low-Interest Loans Support Manufacturing Growth In Pennsylvania

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Posted by Heidi Schwartz

Gov. Corbett
Photo: Jobs1st Summit

Continuing to advance his JOBS1st PA initiative, Pennsylvania Gov. Tom Corbett announced that new state investments recently approved by the Pennsylvania Industrial Development Authority will support the continued growth of manufacturers and is projected to create 229 new jobs and retain 664 jobs.

“We’re creating an environment to spur the resurgence of Pennsylvania manufacturing,” said Corbett. “This is about growing our economy and creating family sustaining jobs.”

At its recent meetings, PIDA approved nearly $15.1 million in low-interest loans for 12 projects in Berks, Bucks, Lehigh, Mercer, Mifflin, Northampton and Westmoreland counties that are projected to create 229 new jobs and retain 664 jobs. The projects will result in more than $31.8 million in total investments.

PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania. In 2014, PIDA has approved $31,935,372 million in low-interest loans that have resulted in $68,621,726 million in private investment and supported 1,611 jobs.

PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

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Schwartz joined Group C Media in April 1989 as managing editor of Today's Facility Manager. In September 2012, she took over the newly created position of internet director for Group C Media, where she was charged with developing content and creating online strategies for TFM (now Facility Executive) and Business Facilities.