Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of five new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and create economic opportunity in four counties. The projects supported through these loans are expected to create at least 28 new, full-time jobs.
In 2024, PIDA has approved $20,946,040 in low interest loans that have resulted in $33,415,799 in private investment and created or retained 584 full-time jobs.
“These recently approved PIDA loans will help businesses in four counties to expand, grow and create new jobs,” said Secretary Siger. “The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse and PIDA loans give businesses the tools they need to help make that happen.”
The approved projects includes:
Erie County
- JEM Erie Realty, LLC, through the Enterprise Development Center of Erie County, Inc., was approved for a 15-year, $2.25 million loan at a 3.75 percent reset interest rate to purchase two, one-story multi-tenant buildings totaling 178,708 square feet at 5650 Wattsburg Road in Millcreek Township. Four existing tenants will occupy 76 percent of the flex industrial space in both buildings, while the vacant space will be leased to additional tenants. The total project cost is $8 million.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
Governor Josh Shapiro’s 2024-25 bipartisan budget delivers on key priorities to make Pennsylvania more competitive economically and includes:
- $500 million for site development, including $400 million for the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program
- $20 million for the Main Street Matters program to support small businesses and commercial corridors that are the backbone of communities across our Commonwealth
- $15 million for tourism marketing to boost our economy, attract more visitors, and support good-paying jobs — building on the Governor’s launch of the Great American Getaway brand to encourage tens of millions within a few hours’ drive to visit Pennsylvania
You can read Pennsylvania’s first economic development strategy in 20 years. Get more information on how the Governor’s budget will create economic opportunity for all Pennsylvanians.
For more information about the Pennsylvania Industrial Development Authority or DCED, visit the agency’s website, Facebook, X, and LinkedIn.
