Pennsylvania Industrial Development Authority (PIDA) investments will support the expansion of a high-tech company in Centre County and the relocation of a sheet metal fabricator from New Jersey to Monroe County, with both projects supporting more than 70 jobs.
"The Corbett Administration's pro-business growth policies are resulting in businesses taking a closer look at expanding in or relocating to Pennsylvania," said Department of Community and Economic Development Secretary C. Alan Walker. "Today's loans through PIDA were critical in making these two projects happen."
PIDA approved $2.6 million in low-interest loans for two projects that will result in more than $4.4 million in additional private investment. In 2012, PIDA has approved $40.6 million in low-interest loans that have resulted in $73.4 million in private investment and supported 3,590 jobs.
SilcoTek Corporation, which develops and applies coating technologies for metals, will create at least 27 new jobs within three years and retain 23 existing employees. The company will receive a $1.75 million, 15-year loan at 2.25 percent to construct a new 26,400-square-foot facility in Bellefonte, Centre County.
SilcoTek also received a $2.4 million funding offer from DCED including a $120,000 Pennsylvania First grant, $27,000 in Job Creation Tax Credits, $12,000 in job training assistance and a $500,000 loan from the Machinery and Equipment Loan Fund. The project was coordinated by the Governor's Action Team and the sponsoring agency is the Altoona-Blair County Development Corporation.
EVS Metal Pennsylvania Inc., a sheet metal fabricator that specializes in solar energy-related components, will create 19 new jobs within three years and transfer five existing employees from New Jersey. The company will receive an $840,000, 15-year loan at 2.25 percent, to acquire and relocate to an existing 115,230-square-foot building in Stroud Township, Monroe County. The project was sponsored by Pocono Mountains Industries Inc.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about economic development initiatives in Pennsylvania, visit www.newPA.com or call 1-866-466-3972.