Pennsylvania Announces Development Loans

The Pennsylvania Industrial Development Authority announces $4.6 million in loans to be given to eight companies in the state. The purpose of the loans is to create and retain jobs in the state.

PIDA provides low-interest loans through local industrial-development corporations for land and building acquisition and construction or renovation, resulting in retention or creation of jobs. It targets manufacturers, industrial developers, research-and-development firms, agricultural processors and employers establishing a national or regional headquarters.

Of the eight companies receiving loan money, the two recycling companies are the following: Penn Pallet Inc. was awarded a $240,000 loan for the acquisition and renovation of a 32,000-square-foot building on a 13.7-acre site in Woodland. The company, a manufacturer of new and recyclable pallets, expects to create 10 jobs and retain 10 jobs. The sponsoring local economic development agency is Moshannon Valley Economic Development Partnership Inc.

American Box & Recycling Co. was awarded a $600,000 loan for the acquisition and renovation of a 215,000-square-foot building on a 10.8-acre site in Philadelphia. The company recycles cardboard boxes and will use the facility as a warehouse, retaining 24 jobs. The sponsoring local economic development agency is PIDC Financing Corp.