HARRISBURG, Pa., Dec. 3 /PRNewswire-USNewswire/ -- New state investments will help an Adams County apple processing company build a new cold storage facility and help a Philadelphia pharmaceutical distributor expand operations while creating at least 20 jobs, Governor Edward G. Rendell announced today.
The Pennsylvania Industrial Development Authority yesterday approved more than $2.9 million for three projects. The investments, in the form of low-interest loans, will leverage $8.2 million in private investments and advance projects in Adams, Bucks and Philadelphia counties.
"Small business owners are making capital investments in order to grow and expand their businesses," said Governor Rendell. "These new state investments serve as a catalyst to leverage those private investments, and to support job retention and creation that directly benefit our people and our communities. These kinds of investments are more important than ever if Pennsylvania is to emerge from this recession even stronger than it was before."
One of the approved projects was a $1.5 million, 15-year, 3 percent loan to Adams County Economic Development Corp., on behalf of Bream & Bear Operating Co., for a new $5.2 million, state-of-the-art cold storage facility on 29 acres in Butler Township. The new 37,000-square-foot facility will help the company create three new positions and retain 54 full-time and 30 part-time employees. Bream & Bear grows, stores and processes apples.
The PIDA board also approved:
Bucks County-based Patch Management Inc., which tests and improves asphalt mixes for road pothole repairs, will receive a $400,000, 15-year loan at 3.25 percent to acquire and renovate an 11,160-square-foot building in Falls Township. The $1 million project will allow the company to relocate its 15 existing employees to a new facility and is expected to create an additional 10 new jobs. The Bucks County Economic Development Corp. is the sponsoring agency.
Dixon-Shane LLC, a national wholesaler and distributor of brand name and generic pharmaceuticals and other healthcare products, will receive a $1 million loan at 3 percent to renovate a newly acquired 32,930-square-foot facility in northeast Philadelphia. The $2 million project, sponsored by the Philadelphia Industrial Development Corporation, will relocate the company's 23-employee staff and create an additional 8 new jobs within the next three years.
PIDA provides capital for infrastructure acquisition, creation and renovation, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.
Media contacts: Theresa Elliott, DCED; 717-783-1132 Gary Tuma, Governor's Office; 717-783-1116
SOURCE Pennsylvania Office of the Governor
|SOURCE Pennsylvania Office of the Governor|
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