TWO AREA BUSINESS EXPANSION PROJECTS RECEIVE STATE LOANS

$2.6 million in lowinterest loans approved for projects in Berks, Chester counties

The Pennsylvania Department of Community and Economic Development has announced the approval of two new, low interest loans through the Pennsylvania Industrial Development Authority (PIDA).

The loans will support the expansion of two businesses — in Berks and Chester counties. The projects that will be supported through the loans will create 20 new, full-time jobs and retain 103 existing jobs, according to a Wednesday announcement about the loan awards.

In Berks County, New Castle Lawn & Landscape Inc. was approved for a 10-year $640,000 loan at a 4% reset interest rate through the Greater Berks Development Fund. The loan will be used to help with the acquisition of 12.91-acres of land adjacent to the company’s current headquarters, located on East Point Drive in Birdsboro, according to the release. The land will initially be used to increase the company’s footprint with parking and then to construct a pole building within one to two years, to be used to warehouse equipment and trucks. The total project cost is $1.6 million. The expansion will create 15 new jobs and retain 68 existing jobs within the next three years.

In Chester County, Metalum LLC of Honey Brook was approved for a 10-year $2 million loan at a 4% reset interest rate, through the Chester County Economic Development Council, according to the release. The loan will be used to assist with the construction of a new 51,834-squarefoot manufacturing warehouse and attached 5,234-square-foot office area. This will be an addition to the existing 14,000-squarefoot manufacturing/warehouse area and office space. The expansion project will provide Metalum with the space needed to take on larger/heavier fabrication jobs. The total project cost is $8 million. The expansion will create five new jobs and retain 35 existing jobs within the next three years.

Since 2023, PIDA has approved more than $56 million in low interest loans that have resulted in more than $165 million in private investment and created and retained more than 1,520 full-time jobs, the release stated.

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. 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.

“The PIDA loans approved here today are helping these two businesses expand operations, as well as creating and retaining over 100 jobs here in the Commonwealth,” Rick Sigar, Pennsylvania Community and Economic Development Secretary, said in a statement. “The Shapiro administration is working to transform Pennsylvania into an economic powerhouse and these PIDA loans give businesses the tools to help make that happen.”

In February, Gov. Josh Shapiro and Siger launched Pennsylvania’s first economic development strategy in nearly 20 years — “building on the Shapiro administration’s work to make Pennsylvania a leader in innovation and economic development,” according to the release.