The Pennsylvania Industrial Development Authority has approved two low-interest loans totaling $1.36 million to fund Philadelphia-area projects, the Pennsylvania Department of Community and Economic Development said Wednesday.
The PIDC Financing Corp. will receive a $680,000 loan to acquire and renovate an existing facility on East Hunting Park Avenue in Philadelphia. The site contains eight buildings totaling 45,000 square feet and has three tenants: Beletz Brothers Glass Co. Inc., a glass and metal fabricator; R&M Supply Co., an industrial-welding company; and Tasty Way Inc., an industrial bakery. The tenants are expected to create 25 jobs at the facility.
Sealstrip Corp., which makes easy-opening and resealable consumer packaging, will get a $680,000 loan to acquire and renovate the building it leases in Gilbertsville, Montgomery County, Pa. The company’s $1.7-million project, sponsored by the Montgomery County Industrial Development Corp., will create 16 jobs and retain 39 existing ones.