Governor Tom Wolf recently approved two low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) program that will help retain and create approximately 125 jobs. The loan funding will assist these businesses with expansion costs stemming from increased customer demand.
So far in 2018, PIDA has approved $61.3 million in low-interest loans that have supported 3,247 full-time jobs via $83 million in private investment. The most recent beneficiaries from the manufacturing sector include Astley Precision Machine Company and Zilka & Company.
Astley makes precision-machined components for the medical, scientific, and defense industries. It will receive a $1,046,000, 10-year loan with a 20-year amortization at a rate of 2.5 percent. Their project includes the acquisition and renovation of a 51,000-square-foot building, which is three times the size of their current facility.
Zilka & Company, LLC is a family-owned bakery supplier that was given a $2 million, 10-year loan with 20-year amortization at 2.75 percent. It will use these funds to construct a 62,000-square-foot production and distribution facility that will include 20,000 square feet of freezer space. The new location’s proximity to the Pennsylvania Turnpike will also help reduce transportation and logistics costs.
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