Department of Community and Economic Development (DCED) Secretary Rick Siger today announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in York county.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. The approval of these new loans builds upon Governor Josh Shapiro’s commitment to spurring business growth and boosting the economy across Pennsylvania.
Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
“A PIDA loan is one of our key economic development investment tools to help generate business growth and create new jobs here in the Commonwealth,” said Secretary Siger. “The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse, and PIDA is giving businesses the resources to help make that happen.”
The approved projects are as follows:
York County
- CAM Innovation, Inc., through the York County Economic Development Corporation, was approved for a one-year $350,000 PIDA Export Line of Credit at a 4.50-percent fixed interest rate to assist in the fulfilment of a recently executed contract with Egyptian Railway and Maintenance Services (ERMAS). The contract with ERMAS is for six pieces of machinery, which will replace machines provided by CAM in the 1980s. The PIDA Export Line of Credit will be used to pay for materials, labor, and administrative support costs for the machines to be manufactured in Hanover. The overall project will take approximately nine months.
- Covington Property Holdings LLC, through the Adams County Economic Development Corporation, was approved for a 15-year $558,000 loan at a 3.50-percent reset interest rate to acquire a 71,562 square-foot facility multi-tenancy building located at 1601 West King Street, West York Borough, York County. This single-story brick and block building consists primarily of warehousing and manufacturing space. The borrower will be leasing 66,000 square-feet of the building to Covington Enterprises, Inc., a manufacturer of plastic injection molded products for the medical, electrical, sporting goods, transportation, and military industries. Covington Property Holdings will also sublease 44,000 of the 66,000 square-feet to the tenant Artsy Couture, a print lab that specializes in premium-quality photo solutions for professional photographers, mass retailers, and production organizations. The remaining space will be occupied by Covington Enterprises, Inc. The total project cost is $1,395,000.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
Governor Shapiro and his Administration are committed to growing Pennsylvania’s economy. For more information about his commitment to workers, business, and our economy, visit the Governor’s website.
For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.
MEDIA CONTACT:
Penny Ickes, DCED, dcedpress@pa.gov
