Pennsylvania Governor – Funding to Support Business Growth

Posted on July 6, 2022Comments Off on Pennsylvania Governor – Funding to Support Business Growth

Governor Wolf Announces More Than $2 Million in Funding to Support Business Growth in Allegheny and Cumberland Counties

Governor Tom Wolf announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business growth in Allegheny and Cumberland counties that will help create and retain 24 jobs.

“The PIDA loans approved today will provide the support needed for these businesses to create economic growth,” said Gov. Wolf.  “It is always considered a win when we are able to help businesses expand and succeed right here in Pennsylvania.”

To date in 2022, PIDA has approved $23,366,119 in low-interest loans that have resulted in $49,812,138 in private investment and supported 743 created and retained full-time jobs. Since 2015, PIDA has approved $361,778,277 in low-interest loans that have resulted in $727,981,169 in private investment and supported 14,765 created and retained full-time jobs.

The approved projects are as follows:

Allegheny County

Regional Industrial Development Corporation Southwestern Pennsylvania Growth Fund, through the Regional Industrial Development Corporation of Southwestern PA, was approved for a 15-year $2,250,000 loan at a 3.5 percent fixed interest rate to acquire land and construct a new building located on Carrie Furnace Boulevard in Braddock.  The new multi-tenant building will be a single-story structure that will consist primarily of flex industrial space that could host robotics, visual effect areas, and other technology industries.  It is anticipated that two tenants will occupy the space.  The total project cost is $10,000,000.

Cumberland County

RLS Construction Group, LLC, through the Cumberland Area Economic Development Corporation, was approved for a 15-year $400,000 loan at a 2.5 percent reset interest rate to acquire and renovate an existing building located at 230 South Sporting Hill Road in Mechanicsburg.  The current building will be repurposed into an industrial space to suit the needs of RLS.  The total project cost is $1,496,100 and the company has committed to create six new, full-time jobs and retain 18 positions within three years.

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