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Posted by: | Posted on: October 16, 2020

New Capital Funding Supports Job Creation, Business Expansion in Five PA Counties

first_img Infrastructure,  Jobs That Pay,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for six businesses in five counties. The loans will enable the purchase, construction, and renovation of facilities and equipment. The funding will help create and retain 184 jobs across the commonwealth.“Pennsylvania has a strong, diverse network of businesses in critical sectors that drive our economy, like agri-processing and manufacturing, and the companies we’re investing in today represent the future of business in the commonwealth,” Governor Wolf said. “As we continue to make targeted, strategic investments in growing businesses, we are helping to ensure that our state’s workers, job creators, and local economies thrive.”The following loans were approved:Berks CountyPlum Creek Farm, LLC, an agri-processor, was approved for a $1 million, 15-year real estate loan at a 2 percent reset rate through the Greater Berks Development Fund for the construction of a new 12,000 sq. ft. building, providing expanded space for the production of ice cream, smoked meats and other prepared foods as well as an expanded market area for the sale of their goods and other local produce. The project will also allow the company to operate six days a week, year-round. The company is expected to create 20 full-time jobs within three years.Centre CountyAdvanced Powder Products, Inc., a metal injection molding manufacturer, was approved for a $1,863,795, 15-year real estate loan at a 2 percent reset rate through the Moshannon Valley Economic Development Partnership. The loan will enable the company to construct a new 27,000 sq. ft. manufacturing facility. The company is expected to retain 65 and create 15 full-time jobs within three years.Chester CountyGood Crop, Inc., an agri-processor and fruit juice manufacturer, was approved for a $800,000, 10-year machinery and equipment loan at a 3 percent rate through Chester County Economic Development Council. The loan will enable the company to purchase machinery and equipment to for the production and packaging of fruit juices at the company’s leased manufacturing space. Through this project, the company is expected to retain 12 and create 10 full-time jobs within three years.A Greener Tomorrow, Inc., a recycling company, was approved for a $400,000, 10-year real estate loan at a 2 percent reset rate through the Chester County Economic Development Council. Through the loan, the company will be able to acquire the real estate, including two warehouses totaling 8,160 sq. ft. and conduct environmental remediation of the project site. The company is expected to create eight full-time jobs within three years.Lancaster CountyGood Burrito Co., a fast-casual Tex-Mex restaurant, was approved for a $200,000, 15-year real estate loan at a 2 percent reset rate through EDC Finance Corporation to purchase its currently leased restaurant space, which includes four rental properties. This will enable the restaurant to realize rent savings while generating rental income. The company is expected to retain four full-time jobs through this project.Westmoreland CountyProduct Evaluation Systems, Inc., an industrial testing company, was approved for a $1,055,546, 15-year real estate loan at a 2 percent reset rate through the Economic Growth Connection of Westmoreland. The loan will enable the company to construct a 12,150 sq. ft. pre-engineered steel building with a connecting corridor to their existing facility, which will house their machine shop and specialized mechanical testing equipment, and provide needed office space. The company is expected to retain 42 and create eight full-time jobs within three years.So far in 2019, PIDA has approved $26,890,536 in low-interest loans that have resulted in $46,895,789 in private investment and supported 962 created and retained full-time jobs. This month’s meeting included the approval of six projects totaling more than $6 million in five counties.PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between two and three percent for applications received by October 1, 2019.For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov. September 04, 2019 New Capital Funding Supports Job Creation, Business Expansion in Five PA Countiescenter_img SHARE Email Facebook Twitterlast_img read more

Posted by: | Posted on: September 25, 2020

CITY JEEPS LEVEL UP: Modern metro ride starts on Nov.28

first_imgILOILO City – After six months of delays, modern jeepneys of theIloilo City Alliance of Operators and Drivers Transport Cooperative (ICAODTC)will finally be operating. The minimum fare is P10.20 for the first fourkilometers plus an additional P1.20 for every succeeding kilometer. These modern jeepneys belong to the Iloilo City Alliance of Operators and Drivers Transport Cooperative. Each unit can accommodate 25 passengers. The minimum fare is P10.20 for the first four kilometers plus an additional P1.20 for every succeeding kilometer. Beginning Thursday, Nov. 28, an initial seven air-conditioned units will serve the “Ungka-ITGSI-Iloilo City via CPU” route. This is from the Iloilo Terminal and General Services, Inc. (ITGSI) terminal in Barangay Ungka, Jaro district to the City Proper passing by Central Philippine University. IAN PAUL CORDERO/PN “Our transportation is leveling up, just as what our mayor (JerryTreñas) wants for our city,” he stressed. The three additional routes are Villa Baybay, Ungka-ITGSI via Diversionand Jaro Plaza-Manduriao but Alido could not yet ascertain when their modernjeepneys would start serving these routes. A total of 28 units were approved by the LTFRB to serve the“Ungka-ITGSI-Iloilo City via CPU” route but 21 units were still being installedwith stickers, said Alido yesterday. ICAODTC launched its modern jeepneys on May 8 and announced that12 units would start operating after a week. But this did not materialize. Beginning Thursday, Nov. 28, an initial seven air-conditionedunits will serve the “Ungka-ITGSI-Iloilo City via CPU” route. This is from the IloiloTerminal and General Services, Inc. (ITGSI) terminal in Barangay Ungka, Jarodistrict to the City Proper passing by Central Philippine University. It was LTFRB, too, which determined the fare rate, he added. According to Alido, the LTFRB has allowed ICAODTC to serve threemore routes and operate a total of 104 modern jeepney units. The infrastructure for the AFCS is not yet in place, explainedAlido. ICAODTC modern jeepneys would be using the Automatic FareCollection System (tap cards) in the near future, said Alido, but for now“passenger assistance officers” would be collecting the fare from passengers.center_img ICAODTC will start mobilizing its modern jeepneys a week after theDepartment of Transportation (DOTr) announced it would not push through withthe total phase out of jeepneys 15 years old and older starting July 2020. There were hitches that included the slow completion of theICAODTC garage and the transfer to the cooperative of the certificates ofregistration (CR) and official receipts (OR) of their old jeepney unitsrequired by the Land Transportation Franchising and Regulatory Board (LTFRB). This Thursday at 7 a.m., there would be a ceremonial “take off” ofthe modern jeepneys at the ITGSI Terminal. Officials from LTFRB, LandTransportation Office, Development Bank of the Philippines, and the citygovernment have been invited to attend. The government’s move to modernize Philippine public transportaims to minimize air pollution and improve public transport safety. Mostjeepneys are not compliant with smoke emission standards, according to theLTFRB. ICAODTC is the first Iloilo City transport cooperative registeredwith the Cooperative Development Authority and approved by the Office ofTransportation Cooperatives under the DOTr on August 2018./PN According to Rizal Alido, board secretary of ICAODTC, their modernjeepneys will start picking up passengers at the ITGSI terminal. Each unit can host 25 passengers. After a week, an additional eight units would be mobilized and theremaining 13 units would be deployed after another week. A unit of modern jeepney costs P2,040,000, said Alido.last_img read more