Governor Wolf announces funding to support small business expansion and job creation in three PA counties
Governor Tom Wolf announced four new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will allow business expansion and job creation in Elk counties, Lancaster and Northumberland.
“No matter what difficult circumstances our Commonwealth faces, we continue to make strategic investments in businesses and projects across Pennsylvania,” Governor Wolf said. “These projects will benefit both businesses and surrounding communities by creating jobs, supporting businesses and making Pennsylvania a better place to live and work every day.”
In 2020, PIDA approved $ 34,498,467 of low-interest loans that generated $ 67,502,442 in private investment and supported 1,148 full-time jobs created and maintained.
The projects approved today are as follows:
Elk Life, LLC, through the North Central PA Regional Planning & Development Commission, received approval for a $ 150,000, 15-year reset rate loan at 0.75% interest to purchase a 1,600 square foot 1.05 acre building in Benezette on the former site of the Vieux Taureau Café. Elk Life, LLC was established in 2018 by the owners of Benezette Wines in Benezette, Elk County. The business has been located inside the Benezette wine shop since 2018 and includes a cafe and the retail of other novelty items identified with the Elk tourist area. The company has registered the Elk Life brand for a line of clothing that is retailed both in-store and through online sales.
The new location will provide a larger footprint to showcase Elk Life apparel, novelty items and gifts purchased from local businesses, specialty coffee and drinks, ice cream, donuts and other food items limits. The building is 500 meters from Benezette Wines and close to the Elk Country Visitor Center. The new location gives the company greater visibility with the large number of tourists visiting this popular area of the Pennsylvania Wilds. The total cost of the project is $ 301,439 and Elk Life, LLC will retain three full-time employees as a result of this project.
PAP Technologies, Inc., through EDC Finance Corporation, obtained approval for a 15-year, $ 1,469,800 adjustable rate loan at 0.75% interest to acquire a 43 500 square feet in the Township of East Hempfield. PAP Technologies is a printing company specializing in highly secure game titles such as lottery tickets, betting slips and other gaming products. The new facility spans 4.5 acres and includes light manufacturing, warehouse and offices. The company will move from its Greenfield Industrial Park (Lancaster County) location to the project site in early 2021. The total project cost is $ 2,939,600 and the company is committed to moving all 44 jobs on time. full existing to the new installation.
Real estate development company Tri-S Management, LLC, through EDC Finance Corporation, received approval for a 15-year, $ 1,953,000 fixed rate loan at 1.75% interest for the construction of a new industrial park in the Township of East Earl. The new park will total approximately 16 acres and will be divided into two lots for development. PIDA funds will be used for site improvement works that are necessary to prepare the two sites to be ready for development.
Hidden Castle Banquets, LLC, through SEDA-Council of Governments, has received approval for a $ 75,000, 15-year, revisable 0.75% interest rate loan to acquire land and build a parking lot located in the township of Coal. The company offers a banquet hall and catering options for special events in the area. Off-street parking will provide safety and convenience to their customers and provide potential business growth opportunities in the future. The total cost is $ 153,693, and Hidden Castle Banquets, LLC will retain two full-time employees as a result of this project.
For more information on the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.