PIDA approves $4.5 million loan to support expansion projects in US

The Pennsylvania Industrial Development Authority (PIDA) has approved approximately $4.5 million in low-interest loans for projects, which will support 247 new jobs in Beaver, Bucks and Northampton counties in the US state of Pennsylvania. The PIDA board has approved the Beaver County Corporation for Economic Development (BCCED) a $2.25 million, 15-year loan at 3.5% to construct a 4,000 linear feet two-lane asphalt roadway, storm and sanitary sewer system, and storm water management controls in the Aliquippa Industrial Park. Upon completion, the roadway upgrades will improve access to the site, and is expected to create 226 new jobs. The entire cost of project is $4.1 million.

The board has also granted Gelest Inc., a manufacturer of silicone and organic metallic materials, a $1.6 million, 15-year loan at 3.5% to acquire and renovate a 152,800 square feet building in Falls Township. The company will ship its packing operations and raw material storage to the new facility. The total cost of the project is $4.5 million.

PIDA has also sanctioned Everson Tesla Inc. a $625,000, 15-year loan at 3.5% to construct a 17,790 square feet addition to its current facility. Everson Tesla will retain its existing 80 employees and create an additional six positions within the next three years. The complete project is carried with a valued investment of $1.3 million.