From the Office of the Governor
Governor Tom Wolf today announced that in 2018, the Pennsylvania Industrial Development Authority (PIDA) has approved more than $84 million in loan financing throughout the year. This financing will support the creation and retention of more than 4,300 jobs in the commonwealth.
“Providing access to capital is one of the best ways we can help business of all sizes grow and expand,” Governor Wolf said. “The loans approved in 2018 through PIDA are helping lay the groundwork for these businesses to create jobs and positively impact their local economies for years to come.”
In 2018, PIDA has approved $84,034,418 in low-interest loans that have resulted in $119,561,991 in private investment and supported the creation and retention of 4,316 full-time jobs. PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development (DCED). The authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.
One such loan recipient is Creekside Springs in Beaver County, which provides high-quality water to beverage companies, supermarkets, large retailers, and businesses located in Pennsylvania and Ohio. In June 2018, Governor Wolf announced that Creekside Springs was approved for a $400,000 loan to upgrade its bottling and production line in its New Brighton facility.
“The PIDA loan advanced our timeline to install the production line and transform our New Brighton facility from a warehouse into a functional bottling facility faster than anticipated,” said James Sas, managing partner of Creekside Springs. “Pennsylvania felt like the right place for Creekside Springs to grow and operating here has exceeded our expectations.”
At today’s PIDA board meeting, High Functional Plastics Manufacturing, LLC was approved for a $350,000, 10-year loan at a 3.75 percent rate through the Northeastern Pennsylvania Alliance. The loan will be used for the purchase of machinery and equipment to be installed and utilized at the company’s 12,000-square-foot manufacturing facility in Dunmore, Lackawanna County. High Functional Plastics Manufacturing is a startup manufacturer of corrosion-resistant extruded plastic sheets used in the construction of semiconductor processing equipment and similar electronic products.