Investments from the Pennsylvania Industrial Development Authority (PIDA) will continue to bolster business in the commonwealth by creating 94 jobs, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced following agency funding approval this week in Harrisburg.
PIDA, staffed and overseen by the DCED, endorsed over $676,000 in low-interest loans to support two projects in Mifflin County that are expected to yield over $1.6 million in investments.
“The loans approved today will provide business support in two very important commonwealth industries – manufacturing and agriculture -- increasing opportunities for the industries that Pennsylvania was built on, as well as supporting new and emerging sectors by providing a much-needed funding increase to the PIDA program to promote all Pennsylvania businesses,” Davin said.
With the first award of a $326,800, seven-year loan at 3.5 percent, Granville Township’s Nittany Paper Mills will purchase a second line machine — increasing production and sales and creating seven new jobs. Nittany’s original Maflex Tissue Line piece of equipment is currently running at full capacity.
The second, a $350,000, 15-year loan at 2.5 percent, will benefit hatchery construction in Union Township planned by Angela Carolyn Miller, who has entered a seven-year contract with Farmers Pride to include a 14,600-square-foot breeder house accommodating over 15,000 chickens on her 72-acre farm.
Both loans were awarded to the Susquehanna Economic Development Association-Council of Governments on behalf of the recipients. Based on favorable market conditions, PIDA was able to furnish very competitive interest rates.
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