Shapiro Administration Invests $1.5 Million in New PIDA Loan to Spur Business Growth, Create Jobs in Lancaster County

The investment will help Hoober, Inc. construct a 13,920-square-foot facility in Lancaster County, creating 10 new jobs and retaining 90 existing jobs.

In 2024, PIDA has approved $13,513,040 in low interest loans that have resulted in $22,956,809 in private investment and created 159 new full-time jobs and supported another 238 retained jobs.

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of a new low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and create economic opportunity in Lancaster County. Hoober, Inc., an operated farm machinery dealer, was approved for a fifteen-year, $1.5 million loan at a 4.25 percent reset interest rate to construct a 13,920-square-foot facility at the site of its headquarters located at 3452 Old Philadelphia Pike in Intercourse, Lancaster County.

The new building will support the needs of the company’s growing business as well serve as its headquarters and house its technical and administrative staff. Founded in 1941, Hoober, Inc. owns dealerships in Pennsylvania and four other states which provide equipment sales, parts and service for agriculture, light construction, excavation, and rural homeowners. The total project cost is $3 million. As a result of this project, the company has committed to create 10 new, full-time jobs and retain 90 existing jobs within three years.

“Investing in growing companies or development that will attract new business spurs our economy, creates and retains good-paying jobs, and helps position Pennsylvania as an economic powerhouse,” said Secretary Rick Siger. “The Shapiro Administration is providing the resources to help businesses succeed and communities to thrive through economic development tools like PIDA.”

In 2024, PIDA has approved $13,513,040 in low interest loans that have resulted in $22,956,809 in private investment and supported 466 created and retained 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.

The Governor’s 2024-25 budget calls for significant investments directly tied back to Pennsylvania’s new economic development strategy – which puts agriculture front and center in the conversation as a key pillar of opportunity. The budget includes: $500 million in PA SITES funding to bring more commercial and industrial sites to Pennsylvania; 25 million for the Main Street Matters program to support small businesses and commercial corridors across the Commonwealth; $20 million to support large-scale innovation and leverage Pennsylvania’s best-in-class research and development assets; and $3.5 million to create and launch the Pennsylvania Regional Economic Competitiveness Challenge to incentivize regional growth.

You can read Pennsylvania’s first economic development strategy in 20 years online. For more information on how the Governor’s proposed budget will create opportunity for all Pennsylvanians, visit Shapiro’s budget website.

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

MEDIA CONTACT:
Governor’s Office, ra-gvgovpress@pa.gov, 717.783.1116
Penny Ickes, DCED, dcedpress@pa.gov

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