Governor Tom Wolf today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved two low-interest loans to businesses in Northampton and Philadelphia counties, allowing them to expand their operations and create new jobs.
âPIDA loans are an essential tool that businesses can use when they need help growing and expanding their operations,â Governor Wolf said. âThe two projects approved today will create dozens of new jobs, streamline business operations, and increase space and bandwidth to meet growing demand for services and products.
In 2021, PIDA approved $ 32,568,110 in low-interest loans that resulted in $ 82,642,973 in private investment and supported 1,251 full-time jobs created and maintained.
The approved projects are as follows:
D. Gillette Industrial Services, Inc. (DGI), through Lehigh Valley Economic Investment Corporation, has received approval for a 10-year, $ 380,000 loan at a fixed rate of 2.5% to acquire a 26,227 square foot industrial multi-building warehouse and office. settling in Forks Township. DGI is a manufacturing company specializing in the design, manufacture, repair and supply of assembly parts and equipment for the lifecycle maintenance of military customer assets.
Due to significant growth in recent years, DGI has outgrown its current 9,000 square foot facility and the move to the new project facilities will allow the company to increase its production capacity and respond to the request. The project site sits on two adjacent lots, totaling just over three acres. The adjacent land will allow for further expansion in the future as the company continues to accept larger contracts. The company plans to increase its workforce by adding six new full-time jobs over the next three years, and the total cost of the project is just over $ 1 million.
Olivieri & Associates Incorporated, through PIDC Financing Corporation, received approval for a 10-year, $ 1 million loan at 2.5% fixed rate to acquire 2.8 acres and construct a building of 12,250 square feet in the city of Philadelphia. The company is a full-service construction company. The new location will become the new head office and will allow the company to increase its storage / outdoor parking space and consolidate its operations. The building will be mixed-use, consisting mainly of warehouses and office spaces. The total cost of the project is $ 2.85 million, and the company will create 15 and maintain 10 full-time jobs within three years through this project.