Governor Wolf announces $ 1.28 million to support business expansion, retention and job creation
Governor Tom Wolf announced low-interest loans of $ 1.28 million through the Pennsylvania Industrial Development Authority (PIDA) that will help businesses in three counties improve their operations, expand their facilities and to create and maintain jobs.
“Despite the challenges of the past year, Pennsylvania has remained committed to investing in businesses that make a real difference in their local communities, by creating and maintaining jobs and providing essential goods and services,” said the Governor Wolf. “The projects approved today will position these businesses for long-term success and help Bucks, Lancaster and Lebanon counties build their economic vitality and the strength of their communities.”
For the year ending 2020, PIDA approved $ 44,502,915 of low-interest loans that generated $ 78,095,857 in private investment and supported 1,434 full-time jobs created and maintained.
The approved projects are as follows:
Martelli Realty, LLC, through the Bucks County Economic Development Corporation, secured a 10-year, $ 522,000 loan at a 1.75% fixed rate to acquire a 15,128 square foot industrial building located on two acres in Ivyland. The building, adjacent to the company’s current facility, will allow the expansion of The Martelli Companies, a group of related entities, into both facilities. Martelli companies are a supplier of moving and transporting equipment. Doyle Machine Tool, Inc., a Martelli company, is expected to occupy approximately 75% of the space, with the remaining 25% occupied by other Martelli companies due to its proximity to their current facilities and the companies’ shared resources. Given this unique relationship between the companies, all entities of The Martelli Companies will commit to retaining their current 40 full-time employees over three years. The total cost of the project of $ 1,160,000.
Homestead Nutrition, a producer of nutritional supplements for crops and livestock, through EDC Finance Corporation, has received approval for a 15-year $ 550,000 loan at a reset rate of 0.75 % to help with the purchase of two industrial properties located in the borough of New Holland, allowing the company to consolidate its operations into two contiguous parcels. The larger of the two buildings consists of 22,806 square feet, consisting primarily of warehouse and light manufacturing space, and the second building contains 5,035 square feet, also primarily of warehouse and light manufacturing space. Both buildings include dedicated office space. Both properties will be occupied by a related entity, Homestead Nutrition, Inc., which will retain 14 properties and create two full-time jobs within three years of this project. The total cost of the PIDA project is $ 1,633,000.
Lylab Technology Solutions, Inc., which provides IT and IT services including IT consulting, network security, hosting solutions, and cloud services, through the Lebanon Valley Economic Development Corporation, has been approved for a 15-year loan of $ 213,776 at a 0.75% reset rate. to renovate a 3,744 square foot building in Lebanon City. This project will allow the company to improve space efficiency for further growth and meet the needs of a private data center. The renovations include remodeling the second floor of the building, improving the exterior of the building, replacing the windows and upgrading the electricity. The total cost of the project is $ 427,553, and the company will retain seven full-time jobs within three years thanks to this project.