Pennsylvania powers production with PIDA
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Manufacturing News, Source : TheManufacturer.com
Published : 04 May 2005 20:38
On behalf of Pennsylvania Governor Edward G. Rendell, Community and Economic Development Secretary Dennis Yablonsky today announced the approval of more than $6.74 million in Pennsylvania Industrial Development Authority (PIDA) loans to create and retain 582 jobs in nine counties, specifically aiming to help local manufacturers.
“The Rendell administration is working to revive Pennsylvania's manufacturing industry,” Secretary Yablonsky said. “This program enables companies to obtain low-interest financing for land and building acquisition, construction and renovation, resulting in the creation and retention of hundreds of Pennsylvania jobs.”
PIDA provides low-interest loans through local industrial-development corporations for land and building acquisition and construction or renovation. It targets manufacturers, industrial developers, research and development firms, agricultural processors and employers establishing a national or regional headquarters.
Fleetwood Industries Business Trust received a $2 million PIDA loan to relocate its operation to a 288,410-square-foot facility in Leesport, PA. The company manufactures retail store fixtures, and will create 60 jobs in the next three years and retain 168 jobs when it expands.
Target Precision received a $324,500 PIDA loan for the acquisition and renovation of a 36,000-square-foot building in Summit Township, PA. The company manufactures mold bases for the plastic mold industry, and will create nine new jobs and retain 13.
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