HARRISBURG, Pa. (WTAJ) — Rick Siger, secretary of the Department of Community and Economic Development (DCED), announced on Thursday, June 5, the approval of over $1M in new and low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to be given to businesses in three Pennsylvania counties, to support innovation, business expansion, and creation of new jobs.
These loans through PIDA will go on to support projects in these businesses and are expected to create at least 65 new full-time jobs and retain 25 existing positions.
So far this year, PIDA has approved over $17 million in low-interest loans that have gone on to create 116 full-time jobs and retain 110 existing jobs. The organization provides these loans and lines of credit to eligible businesses that commit to creating and retaining full-time jobs as well as developing industrial parks and multi-tenant buildings. The loans can be used to purchase machinery, equipment, and the acquisition of land and buildings, among other uses.
Three counties stand to benefit from the investment: Northampton, Westmoreland, and Bedford County. Brumbaugh Mountain Welding, LLC, located in Bedford County, was approved for a 15-year, $200,000 loan to construct a steel building to serve as its new operating facility. This will allow the company to perform any necessary work as well as create two full-time jobs and retain two existing jobs within three years.
“Investments like these PIDA loans will help businesses grow, create new jobs and support existing ones, while also helping our Commonwealth advance as a hub for manufacturing and innovation,” Secretary Siger said. “The Shapiro Administration is laser-focused on transforming the lives of our residents by making Pennsylvania an economic powerhouse, and PIDA loans give our businesses the tools they need to help make that happen.”
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The Shapiro administration’s 2025-2026 budget proposals have called for over $160 million in new and expanded investments to help Pennsylvania become a leader in economic development, with job creation and innovation being a big part of the goal.
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