Governor Wolf Announces New Approvals for Low-interest Loans to Support Five Small Business Projects

first_img September 06, 2017 SHARE Email Facebook Twitter Governor Wolf Announces New Approvals for Low-interest Loans to Support Five Small Business Projectscenter_img Economy,  Jobs That Pay,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced this month’s new low-interest loan approvals made by the Pennsylvania Industrial Development Authority (PIDA) program for five small business projects throughout the commonwealth.“The loans approved this month represent impactful investments in small businesses that together reveal the great economic diversity in Pennsylvania,” said Governor Wolf. “We continue to develop a strong business climate that embraces entrepreneurship in manufacturing, agriculture, logistics and other key economic sectors that together enable our communities to thrive.”Thus far in 2017, PIDA has approved $31.7 million in low-interest loans that have resulted in $149 million in private investment and supported 1,422 created and retained full-time jobs. Over the past month, PIDA approved a total of more than $2.6 million in fixed, low-interest loans to five projects in Bradford, Erie, Lancaster and Lehigh counties that will generate more than $7.6 million in matching capital investment.The following loans were approved during the past month:Bradford CountyMJ West Farm LLC was approved for a $400,000, 12-year term loan at a 2 percent fixed rate through Northern Tier Regional Planning and Development Commission to assist in the purchase of a 121-acre farm that includes a 29,750-square-foot hog finishing barn on Minnequa Main Road in Canton Township. The farm has an annual production total of more than 9,000 hogs through six growing cycles.Erie CountyGeorgeKo Industries, Inc. was approved for a $400,000, 15-year term loan at a 2 percent fixed rate through Enterprise Development Center of Erie County to assist in the acquisition of a 30,880-square-foot warehouse on West 17th Street in Millcreek Township to expand its company. GeorgeKo Industries, Inc. is a family-owned and operated custom injection molding manufacturer serving a variety of industries including automotive, medical, and construction. The company will retain 25 full-time employees and plans to create nine additional full-time jobs within three years.Logistics Plus Inc. was approved for a $386,500 15-year term loan and a $248,500 five-year term loan, both at a 2 percent fixed rate, through Enterprise Development Center of Erie County to assist in the renovation of an additional 25,968 square feet and acquisition of machinery and equipment on Peach Street in Erie. Logistics Plus Inc., established in Erie in 1996, has grown to become a leading worldwide provider of transportation, warehousing, logistics, and supply chain solutions. The additional space, which will help the company create a global control tower to better serve its clients, will result in the retention of 123 full-time jobs and the creation of 44 new full-time jobs within three years. Logistics Plus Inc. received a funding proposal from the Department of Community and Economic Development for $88,000 in Job Creation Tax Credits to be issued after the new jobs are created. The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania, with the assistance of the City of Erie’s Department of Economic and Community Development.Lancaster CountyNew Holland Transport Inc. was approved for a $1.025 million 15-year term loan at a 2 percent fixed rate through EDC Finance Corporation to assist with a real estate and construction project for a cold storage facility, truck shop, and truck storage shed on Muddy Creek Road in East Cocalico Township. Though the project, New Holland Transport Inc., a refrigerated transportation common carrier founded in 2000, will retain 25 current employees and create three additional full-time jobs within three years.Lehigh CountyJustin M. Strasser LLC was approved for a $218,250 15-year term loan at a 2 percent fixed rate through Lehigh’s Economic Advancement Project Inc. to assist in the acquisition of a 15,000-square-foot manufacturing facility for the Campbell and Strasser custom cabinetmaking business on Clewell Street in Fountain Hill. The company will retain six full-time employees and expects to create an addition four full-time jobs within three years.PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.PIDA continues to offer eligible qualified applicants a fixed interest rate of 2 percent for real estate financing, equipment loans, and 12-month periods for working capital and accounts receivable lines of credit for a limited time.For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.last_img read more

Gabadi, Hankuk Carbon ink LNG bunkering cooperation deal

first_imgImage courtesy of GabadiThe Spanish company, Gabadi, has formed an alliance with South Korean Hankuk Carbon to work together in the small- to medium-scale LNG bunkering market.The South Korean company specializes in manufacturing thermic insulation for the liquated natural gas sector (LNG) and electronic substrates.Gabadi said the agreement further expands the company’s presence in the Asian market as it had already created a joint venture in China with Aojiheng Offshore Engineering and secured contracts in Singapore.The company is currently executing methane carrier repair at the Keppel Shipyard in Singapore. It became the first company, not being a shipyard, in being granted the license by the technologist Gaztransport and Technigaz, for the construction and repair of its membrane tanks for gas carriers, it said in its statement.Gabadi and Hankuk Carbon believe that joining forces would enable both companies to obtain new contracts, related to the LNG bunkering, in different geographical locations, such as USA, China and Europe.last_img read more

Men’s Hockey: Wisconsin travels to East Lansing to take on Michigan State over weekend

first_imgThe University of Wisconsin men’s hockey team (7-8-1, 2-5-1 Big Ten) will travel to East Lansing to take on the Michigan State Spartans (6-7-1, 4-3-1) in a weekend series that spans Friday and Saturday night.After winning just one of their last five games, this is a crucial road trip if the Badgers want to stay inside the top 20.As of right now, they’re ranked No. 19 in the country but are the only ranked team without a winning record. Against an unranked Spartan squad, they’ll likely need to sweep the series if they want to hold their spot.Men’s Hockey: Inconsistencies continue to plague Wisconsin against MinnesotaThe No. 19 University of Wisconsin men’s hockey team (6-7-1, 1-4-1-1 Big Ten) struggled immensely against the University of Minnesota Read…Michigan State is led by senior goalkeeper John Lethemon, whose 94% save rate is the best in the Big Ten and fourth-best in the country.Lethemon gives the Spartans a big boost when they’re down a man on the power play, and has helped them obtain a conference-best 89.5% penalty kill rate.They’re stellar on the defensive end and have allowed just 2.5 goals per game. But their offense is relatively average, which means Wisconsin can push the puck and fire away on goal without having to worry too much about a star on the other side.The Spartans’ leading scorer, senior Patrick Khodorenko, has six goals on the season to go along with seven assists. As a whole, the squad is averaging just 2.4 goals per game, and Wisconsin is undefeated this year when allowing two or less, meaning it should be a favorable matchup.Men’s Hockey: Inside Caufield’s early experiences as a BadgerThe immense hard work of Wisconsin Hockey’s recruitment has finally paid off. Freshman forward Cole Caufield is climbing the ladder Read…Leading the way for Wisconsin’s offensive attack are freshman sensations Cole Caufield and Alex Turcotte.Caufield, who scored his conference-leading tenth goal of the season last Sunday, has been on a tear all year. He sits atop the Badgers’ scoring leaderboard with 18 points.Despite a quiet string of outings from Turcotte — he hasn’t recorded a point since Nov. 16 — he still remains one of Wisconsin’s top options, and is tied for second in goals (6) and third in points (15).They’re paired up with the maestro of the team, Linus Weissbach, who has a team-high 13 assists on the year, to round out the front line.Men’s Hockey: Wisconsin splits first series with No. 3 Notre Dame in thrilling fashionThe No. 16 University of Wisconsin men’s hockey team (6-6, 1-3 Big Ten) split a home series this past weekend Read…On the defensive end, Wisconsin will hope K’Andre Miller and team captain Wyatt Kalynuk can hold off the Spartan attack as the offense goes to work.The duo isn’t too shabby around the net either, as Miller has scored five goals and Kalynuk three of his own. There’s only been two games in which one of them hasn’t recorded a point. Between Miller and Kalynuk, they’ve combined for 24 points on the year.Between the posts for the Badgers is Daniel Lebedeff, who has had an up-and-down campaign to this point. His 89.9% save rate is good but not great, and holding the Spartans under two goals would be huge for his confidence.Expect the Badgers to pressure the net and leak out for fast break opportunities. It may leave Lebedeff one-on-one a few times, but as long as he can buckle down and make a few big saves, Wisconsin should win the series.You can catch Friday’s game on BTN+ and on WIBA at 6 p.m. Saturday’s matchup will also be on BTN+ at 6 p.m. but broadcast on WTSO. You can also follow along live @BadgerMHockey on Twitter.last_img read more