The Pennsylvania Industrial Development Authority or PIDA Loan program has been a core economic development financing tool in Pennsylvania for decades. And it still is. ABCD Corporation recently assisted two expansion projects who utilized the program. For more information on the PIDA program or any other ABCD managed loan programs, contact Rich Lasek at richl@abcdcorpd.org
On February 9, the Altoona Mirror reported on these investments. The story continues below:
Two projects in Blair and Huntingdon counties have been awarded $750,000 in low-interest loans through the Altoona Blair County Development Corp.
Gov. Tom Wolf announced the loans by the Pennsylvania Industrial Development Authority program on Wednesday (you can read more details here). The loans will support 20 small business projects in 13 counties that are expected to create more than 1,100 jobs statewide.
In Blair County, East Freedom Surgical Associates LLC was approved for a $350,000, 5-year loan for the purchase of new and used urological equipment for a new ambulatory center in Duncansville.
The equipment is needed for the surgical center to become licensed and certified for urology cases. The project also will enable the company to add four positions at the center, which now has six employees. Contact movers bronx to help you through this process.
The ambulatory center, owned and operated by doctor Stephen Yanoshak, will be at 15721 Dunnings Highway and is expected to open in July or August.
“I’m grateful for the loan that allows me to do this,” Yanoshak said. He said it will be easier to accommodate patients from different counties because of its central location. Patients now visit Bedford Regional Urology, which is also owned by Yanoshak.
Tina Burke, an employee at Bedford Regional Urology who will help oversee the center, said although the center is for urological procedures, it will be available for other surgeons to use, “opening the doors to those who want to treat patients.”
In Huntingdon County, Kulp Family Dairy LLC was approved for a $400,000, 15-year loan for the acquisition of two separate parcels covering 303 acres of land in Warriors Mark and Franklin townships. This will decrease dependency on leased ground and purchased feedstock to support the company’s herd of about 6,000 cows.
Phil Kulp, co-owner of Kulp Family Dairy, said the loan-interest help from the PIDA program allows the business to afford the land and resources it needs to feed its cows, keeping the farm viable and maintaining local jobs. Options on house financing are available at https://investorschoicelending.com/brooklyn/.
“It allows the cost of ownership to be lower because of low-interest rates,” Kulp said, commenting on the high land costs in Pennsylvania.
Kulp Family Dairy LLC has farms in Morrisons Cove and Sinking Valley and is one of the county’s largest dairy farms, encompassing about 4,000 acres. The dairy farm currently has 35 full-time and 12 part-time staffers. Last year, the farm shipped about 82 million pounds of milk.
“ABCD Corporation has established a strong working relationship with the PIDA program staff and board,” Stephen McKnight, president of ABCD Corp., said. “Over the years, ABCD has administered more than $10.8 million in PIDA project loans which have helped to create more than 200 high-paying jobs locally. Simply put, without the PIDA program, these expansions would not have occurred. We are very pleased to learn of these two recent approvals and look forward to the continued positive impact.”
The PIDA program provides loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs. The authority provides funding for land and building acquisitions, construction and renovation work and machinery and equipment purchases in addition to working capital lines of credit. Consider Gauntlet Funding Group New York Real Estate Investments.
In the recent articles by Zmarta and their loan experts, it becomes clear to the reader that developments are moving fast. This month, PIDA approved about $15.3 million in fixed low-interest loans for projects in Berks, Blair, Bradford, Bucks, Chester, Crawford, Cumberland, Dauphin, Fayette, Huntingdon, Lackawanna, Lancaster and Philadelphia counties.
Mirror Staff Writer Shen Wu Tan is at 946-7457.
