Credit: PA Internet News Service
The governor recently approved low-interest Pennsylvania Industrial Development Authority loans for two Levittown-area businesses.
The Pennsylvania Industrial Development Authority loans are used to support small businesses and established companies that are investing in their growth.
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From the Pennsylvania Industrial Development Authority:
Abington Reldan Metals, LLC was approved for a $2,250,000, 15-year term loan and a $632,995, 10-year term machinery and equipment loan, both at a 2 percent fixed rate, through Bucks County Economic Development Corporation. The loans will assist in the renovation and expansion of the company’s 62,250-square-foot building, which includes the construction of a 33,100-square-foot manufacturing building and a 7,700-square-foot connecting addition, on 9.82 acres on Old Bordentown Road in Falls Township. A 3,250-square-foot mezzanine will be added to be used as a machine and electrical repair shop. The company has committed to retaining 150 full-time jobs as a result of this project.
Diamond Tool & Fasteners Inc. was approved for a $2,250,000, 15-year term loan and a $473,058, 10-year term machinery and equipment loan, both a 2 percent fixed rate, through Bucks County Economic Development Corporation to assist in the acquisition and renovation of a 55,000-square-foot building on Gundy’s Lane in Bristol Township. The new facility will serve as the company’s warehouse and distribution center for large construction equipment and inventory. The company has committed to retaining five full-time employees and creating 51 new full-time jobs within three years as a result of this project.
“When we offer fiscally responsible support for small businesses and established companies alike in the private sector, we enrich economic opportunity for all Pennsylvanians,” Gov. Tom Wolf said.
Wolf approved loans for 23 small business projects in 13 counties. State officials said they will help create nearly 400 new jobs within three years.
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