Gov. Ed Rendell Injects $7.6 Million into Pennsylvania Economy

According to Governor Edward G Rendell, the commonwealth investment of $9 million will be used for economic development projects in eight counties and also help in creating job opportunities for 222 people and also provide $7.6 million in the form of revenue for many private concerns

The Pennsylvania Industrial Development Authority (PIDA) has approved many loans that have a low rate of interest that will be used to acquire infrastructure, recreate and also expand businesses. 35 new jobs and 345000 square feet of workplace will also be created. According to Governor Rendell, most of the loans, which are being approved by the PIDA, are being given to small manufacturing units.

It helps them to thrive in the current global market. The PIDA mainly provides these loans to manufacturers, industrial developers, research and development firms, agricultural processors and employers who want to setup their business in Pennsylvania. In the past fifty years, the PIDA has provided almost $10 billion that has helped to create more than 300 industrial parks, business incubators as well as over 800000 new jobs in Pennsylvania. The PIDA has financed more than 345 projects amounting to more than $332 million, which has created 7900 new jobs and helped retain up to 26700 jobs since 2003.

The latest projects approved by the PIDA are as follows:

Armstrong County

Dynamic Manufacturing LLC will get a loan worth $804258 from the PIDA that will help them to construct a 13810 square foot manufacturing facility in Freeport. 23 employees will be shifted from a leased building to a new building in North Pointe Business Park. The Armstrong County Industrial Development Corporation will also help to finance this project.

Berks County

L&H Signs Inc will get a $687500 loan that will help them to buy and renovate a 58220 square feet building in Reading. Once this is completed, the company operations along with its 41 employees will be shifted there. 10 new jobs for designing and manufacturing signs for commercial users will also be created. The Greater Berks Development Fund will also finance this project.

Bucks County