Credit: PA Internet News Service
A Bristol Township business will receive a new low-interest loan to help retain jobs.
American Overhead Door and Dock Inc. has been approved for a Pennsylvania Industrial Development Authority (PIDA) program $564,000, 15-year loan at a 2 percent fixed rate and a $57,000, 5-year loan at a 2 percent fixed rate through Bucks County Economic Development Corporation, according to Gov. Tom Wolf’s Office.
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The company will use the loan to acquire and renovate a 24,000-square-foot facility located in Bristol Township, as well as the acquisition of machinery and equipment for fabrication and repair of commercial overhead door and dock systems.
American Overhead Door and Dock, which has offices in Delaware and South Carolina, is expected to retain 35 employees.
The loan was part of a package of $35.8 million in low-interest loans approved by the Pennsylvania Industrial Development Authority this year. The loans are estimated to have resulted in $53.3 million in private investment and support of 1,978 full-time jobs.
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