A Bristol Township business is expanding with support from the Pennsylvania Industrial Development Authority through the Bucks County Economic Development Corporation.
Manufacturing firm Btec Solutions has been approved for a 15-year $2,250,000 loan at a 2.5 percent reset interest rate to acquire a 161,000-square-foot building located on 5.88 acres in an Enterprise Zone at 913 Cedar Avenue in the township’s Croydon section, according to Gov. Tom Wolf’s office.
Advertisements
Btec Solutions is already a long-term occupant of the building. It has been leasing approximately 45 percent of the facility.
The project additionally includes the purchase and installation of machinery and equipment for the production operation of Btec Solutions.
“Btec Solutions was approved for a 10-year $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a 3.5 percent fixed interest rate towards this purchase,” the governor’s office said.
Advertisements
The financing will help with the company’s $13.3 million expansion.
Btec Solutions has committed to retain 86 full-time jobs within three years.
Advertisements
The fact the building is in a Enterprise Zone means it can eligible for tax credits to grow or improve facilities.
Btec Solutions was the only project approved for funding in Bucks County, but projects in five other counties also were approved. The governor’s office said the total amount of support is $8 million.
Advertisements
Report a correction via email | Editorial standards and policies
