New PIDA Loans will create and retain 302 total jobs in five counties

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 boost the economy in Bucks, Lehigh, Monroe, Perry, and Philadelphia counties. The projects supported through these loans will create 256 new, full-time jobs and retain 46 existing jobs.

These newly approved loans build upon Governor Josh Shapiro's commitment to creating a stronger economy across Pennsylvania. So far in 2023, PIDA has approved over $51 million in low-interest loans that have resulted in more than $149 million in private investment and created and retained a total of 1,331 full-time jobs.

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 credit, multi-tenant facility projects, and industrial park projects.

"A PIDA loan is one of our key economic development investment tools to help generate business growth and create new jobs here in the Commonwealth," said Secretary Siger. "The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse, and PIDA gives businesses the resources to help make that happen." The approved projects are as follows:

Bucks County