LANCASTER COUNTY, Pa. — The Shapiro administration on Wednesday announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support growth in two industrial parks in Lancaster County.
The projects supported through these loans will create nine new, full-time jobs and retain 18 existing jobs, according to Department of Community and Economic Development Secretary Rick Siger.
"Through programs like PIDA, the Shapiro Administration is sending a clear message that Pennsylvania is open for business," the DCED said in a press release. "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."
These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania, the DCED said.
So far in 2023, PIDA has approved nearly $46 million in low-interest loans that have resulted in more than $124 million in private investment and created and retained a total of 1,304 full-time jobs.
“The Shapiro Administration is committed to supporting projects that foster business growth and help strengthen communities across the Commonwealth,” said Siger. “These types of strategic investments, which create and retain good-paying jobs and spur our economy, will help Pennsylvania become an economic powerhouse.”
The approved projects are as follows:
- Greenfield 180 LLC, through EDC Finance Corporation (EDCFC) was approved for a 15-year $2,250,000 loan at a 3.75-percent reset interest rate to help acquire and develop a property comprised of four industrial buildings totaling 136,542 square feet and five parcels of real estate totaling 21.72 acres located at 178-198 Greenfield Road in East Lampeter Township in Lancaster. With the purchase of this site, Greenfield 180 LLC will accommodate five existing tenants of the multi-occupancy industrial buildings and will market unoccupied space to future tenants. The total project cost is $8,995,000.
- Hiltz Holdings, LLC, through EDC Finance Corporation (EDCFC), was approved for a 15-year $2,000,000 loan at a 3.75-percent reset interest rate for the construction of a 44,650-square-foot industrial building and offices on a 16.64-acre site at 1442 River Road in East Donegal Township in Marietta. The project is driven by growth as its affiliate, Hiltz Propane Systems, Inc., has increased sales by 30% over the last three years. The project will provide needed office space and staging areas for job materials and propane tank inventory. As a result of the project, 18 jobs will be retained, and an additional nine jobs will be created over the next three years. The total project cost is $10,727,794.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans including agriculture, manufacturing, industrial, research and development, hospitality, defense conversion, recycling, computer-related services, construction, child daycare, mining, developers, and retail and service enterprises.
Governor Shapiro’s bipartisan, commonsense 2023-24 budget spurs job creation, invests in manufacturing innovation, cuts red tape for businesses, and provides the funding to make the Commonwealth more competitive on a global scale. For more information, visit shapirobudget.pa.gov.
For more information about PIDA or DCED, visit the DCED website.
