Gov. Tom Wolfe today announced that the Pennsylvania Industrial Development Authority (PIDA) has approved two low-interest loans for businesses in Northampton and Philadelphia counties, allowing them to expand their operations and create new jobs.
“PIDA loans are an important tool that companies can use when they need help growing and expanding their operations,” Governor Wolf said. “The two projects approved today will create dozens of new jobs, simplify business operations, and increase space and capacity to meet the growing demand for services and products.”
In 2021, PIDA approved US $ 32,568,110 low-interest loans, resulting in US $ 82,642,973 in private investment, and supported 1,251 full-time jobs created and maintained.
D. Gillette Industrial Services, Inc. (DGI), through the Lehigh Valley Economic Investment Corporation, has been approved for a 10-year, $ 380,000 flat rate loan of 2.5 percent for the acquisition of a 26,227 square foot industrial warehouse and office. facility in the town of Forks. DGI is a manufacturing company specializing in the design, manufacture, repair and supply of assembly parts and equipment to support the asset lifecycle of military customers.
With significant growth over the past few years, DGI has outgrown its current 9,000-square-foot facility and its move to a new development facility will allow the company to increase production capacity and meet demand. The construction site is located on two adjacent plots with a total area of just over three acres. The adjoining site will allow it to expand in the future as the company continues to enter into larger contracts. The company plans to expand its workforce by adding six new full-time jobs over the next three years, for a total project cost of just over $ 1 million.
Olivieri & Associates Incorporated through PIDC Financing Corporation was approved for a 10-year, $ 1 million, 2.5 percent fixed rate loan to acquire 2.8 acres of land and build a 12,250 square foot building in Philadelphia. The company is a full cycle construction company. The new location will serve as the new headquarters and will allow the company to expand its open storage / parking space and consolidate operations. The building will be of mixed use, consisting mainly of warehouse and office space. The total cost of the project is $ 2.85 million, and as a result of this project, the company will create 15 and retain 10 full-time jobs over three years.