Shapiro Administration Invests More Than $1.1 Million in New PIDA Loans To Spur Business Growth, Create Jobs in Three Counties

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of three new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and boost the economy in Lebanon, Lehigh, and Pike counties. The projects supported through these loans will create six new, full-time jobs and retain 20 existing jobs.

These newly approved loans build upon Governor Josh Shapiro’s commitment to create a stronger economy across Pennsylvania. Since 2023, PIDA has approved more than $54 million in low interest loans that have resulted in more than $156 million in private investment and created and retained a total of 1,395 full-time jobs.

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. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

“PIDA loans help generate business growth and create new jobs here in the Commonwealth,” said Secretary Siger. “The loans approved today are helping Pennsylvania businesses expand and acquire essential equipment to support their operations. The Shapiro Administration is working hard to transform the Commonwealth into an economic powerhouse and PIDA gives businesses the resources to help make that happen.”

The approved projects are as follows:

Lebanon County

• Keystone Precision Cylinder LLC, through the Lebanon Valley Economic Development Corporation, was approved for a 10-year $675,000 loan at a 4.00-percent reset interest rate to help with the acquisition of a 1.88-acre industrial property located at 51 King Street in Myerstown. Improvements on the property include a 7,337-square-foot industrial building, which Keystone Precision Cylinder, LLC will occupy, and seventy-five climate-controlled storage units to be operated by a related entity, Five Star Storage, LLC. The acquisition of this property will enable Keystone Precision Cylinder, LLC to continue and potentially grow its business without the risk of the property being sold and its business being displaced with limited relocation options. The total project cost is $1,350,000. This project will create two new jobs and retain seven existing jobs within the next three years.

Lehigh County

• Custom Metal Fabricating, Inc., through the Lehigh Valley Economic Investment Corporation, was approved for a ten-year $129,960 loan at a 5.00-percent fixed interest rate towards the purchase of two, five-ton overhead cranes along with related tracking systems to be installed at their new 30,000-square-foot building located at 215-301 South 4th Street in Emmaus. The cranes, needed as part of the company’s manufacturing process, are used to move the high-end staircases that the company manufactures. There are currently no cranes in the facility. The total project cost is $288,800. The company has committed to retaining ten full-time jobs within three years.

Pike County

• Pike Food Branding, LLC, through the Northeastern PA Alliance was approved for a 15-year $453,200 loan at a 4.00-percent reset interest rate towards the acquisition and renovation of a 9,896-square-foot building located on 2.24 acres at 100 Route 590 in Greeley. The purchase of the new facility will allow for expansion of the company’s operations. Purchasing the new real estate will also provide steady mortgage payments, which will assist with long term budgeting, and identifying future cash flow targets when planning future operations. The total project cost is $1,133,000. This expansion will result in the creation of four new, full-time jobs and the retention of three full time jobs within three years.

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; retail and service enterprises; developers.

Since day one, Governor Shapiro and his Administration have been working aggressively to make Pennsylvania a leader in innovation and economic development and create economic opportunity for all Pennsylvanians. Last week, Governor Shapiro and Secretary Siger launched the Commonwealth’s first Economic Development Strategy in nearly two decades – building on the Shapiro Administration’s work to make Pennsylvania a leader in innovation and economic development and to create economic opportunity for all Pennsylvanians.

For more information about the Pennsylvania Industrial Development Authority or Department of Community and Economic Development, visit DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.

MEDIA CONTACT:
Penny Ickes, dcedpress@pa.gov

# # #