Governor Wolf: New Low-Interest Loan Awarded to Support Business Expansion, Job Creation in Bedford County
Harrisburg, PA (STL.News) Governor Tom Wolf announced one new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) that will support the growth of Lampire Biological Labs, Inc. in Bedford County.
“The PIDA loan approved is an investment in a homegrown company that began in Pennsylvania more than 44 years ago,” said Gov. Wolf. “This funding will support Lampire Biological Labs as they hire new employees, boost their local economy, and continue to grow and expand right here in the commonwealth.”
In 2021, PIDA approved $50,600,557 in low-interest loans that resulted in $119,192,822 in private investment and supported 1,991 created and retained full-time jobs.
Lampire Biological Labs, Inc., through the Southern Alleghenies Planning & Development Commission, was approved for a 15-year, $1,075,000 loan at a 1.5 percent reset interest rate to assist in improvements to its 182-acre farm facility on Clear Ridge Road as well as various smaller improvements to its 125-acre farm on Front Range Road.
Hometown Bank will also be providing a $1,075,000 loan and their funds will be used to improve the two farms described above as well as additional improvements to the company’s 157-acre farm on Cherry Lane. Lampire will provide $137,748 in equity towards the entire project.
The improvements consist of barn restoration/upgrades, pens, electric, interior framing and painting, HVAC, and improvements to existing bank barn. The improvements will increase the company’s operational effectiveness and will allow for expanded capacity. The company has committed to creating 12 full-time jobs and retaining their 65 current jobs within three years.
Lampire, through the Southern Alleghenies Planning & Development Commission, Bedford County Development Association and Lehigh Valley Economic Investment Corporation, has six previous PIDA loans to support the company’s growth in Pennsylvania.