Low-interest loans awarded to three area companies

Chesco, Berks businesses among six statewide to receive the loans

“As we continue to make targeted, strategic investments in growing businesses, we are helping to ensure that our state’s workers, job creators and local economies thrive.” — Gov. Tom Wolf

HARRISBURG » Three area companies are among six statewide that were recently approved as recipients of new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA).

Two Chester County businesses and one business from Berks County have been approved for the loans, which will enable the purchase, construction and renovation of facilities and equipment, according to the agency. The loans were announced earlier this month by Gov. Tom Wolf.

“Pennsylvania has a strong, diverse network of businesses in critical sectors that drive our economy, like agri-processing and manufacturing, and the companies we’re investing in today represent the future of business in the commonwealth,” Gov. Wolf said in a statement. “As we continue to make targeted, strategic investments in growing businesses, we are helping to ensure that our state’s workers, job creators and local economies thrive.”

In Chester County, Good Crop Inc. and A Greener Tomorrow Inc. have been approved for loans through the Chester County Economic Development Council.

Good Crop Inc., an agri-processor and fruit juice manufacturer in East Whiteland, was approved for an $800,000, 10-year machinery and equipment loan at a 3% rate through the Chester County Economic Development Council. The loan will enable the company to purchase machinery and equipment to for the production and packaging of fruit juices at the company’s leased manufacturing space, according to a press release. As a result, the company is expected to retain 12 and create 10 full-time jobs within three years.

A Greener Tomorrow Inc., a recycling company, was approved for a $400,000, 10-year real estate loan at a 2% reset rate through the Chester County Economic Development Council. Through the loan, the company will be able to acquire the real estate, including two warehouses totaling 8,160 square feet and conduct environmental remediation of the project site. The company is expected to create eight full-time jobs within three years.

“These targeted investments

can go a long way in supporting companies that are committed to Chester County and committed to expanding and creating jobs here,” state Sen. Andrew Dinniman, D-19th Dist., said in a statement. “It’s also rewarding to see the growth of recycling companies and those in the agriculture sector.”

In Berks County, Plum Creek Farm LLC, an agriprocessor in Penn Township, was approved for a $1 million, 15-year real estate loan at a 2% reset rate through the Greater Berks Development Fund for the construction of a new 12,000-square-foot building. The project will provide expanded space for the production of ice cream; smoked meats and other prepared foods as well as an expanded market area for the sale of Plum Creek Farm’s goods and other local produce. The project will also allow the company to operate six days a week, year-round. As a result, Plum Creek Farm is expected to create 20 full-time jobs within three years.

The Pennsylvania Industrial Development Authority has approved nearly $27 million in low-interest loans so far this year, resulting in nearly $47 million in private investment and the support of 962 created and retained full-time jobs, according to the agency.

Pennsylvania businesses that commit to creating and retaining full-time jobs within Pennsylvania, are eligible for the low-interest loans. The loans can also be awarded for the development of industrial parks and multi-tenant facilities, according to the Pennsylvania Industrial Development Authority. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with the Pennsylvania Industrial Development Authority.

The remaining three businesses approved for the loans are located in Centre, Lancaster and Westmoreland counties. The $5.3 million in total funding for the six projects is expected to help create and retain 184 jobs across Pennsylvania, according to the Pennsylvania Industrial Development Authority.

For more information about the Pennsylvania Industrial Development Authority and other Department of Community and Economic Development (DCED) initiatives, visit dced.pa.gov. Email business story ideas to business editor/ writer drovins@21stcenturymedia.com.