New PIDA loan aims to spur business in Franklin County

Ed Gruver//June 6, 2024//  Central Penn Business Journal 

The Shapiro Administration is investing more than $1.2 million in new Pennsylvania Industrial Development Authority loans to increase business expansion and create economic opportunity in Franklin and Westmoreland counties.

Department of Community and Economic Development (DCED)Secretary Rick Siger announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority (PIDA). Projects supported through these loans are expected to create 27 full-time jobs and retain 10 existing jobs.

“The Shapiro Administration is committed to supporting projects that foster business growth and help strengthen communities across the commonwealth,” Siger said in a statement. “Investing in business expansion and development to attract new business is a priority of Governor Shapiro and will spur our economy, create and retain good-paying jobs, and help further position Pennsylvania as an economic powerhouse.”

In Franklin County, J&J Pallet and Recycling, LLC., through the Franklin County Area Development Corporation, was approved for a 10-year $367,000 loan at a 5% fixed interest rate. The loan will help purchase an existing 16,400-square-foot facility in the Cumberland Valley Business Park at 1690 Opportunity Avenue, Chambersburg.

J&J Pallet and Recycling, LLC. has outgrown its current rental space and needs its own building for future operation. The company will also be making facility improvements including the purchase and installation of four overhead dock doors, grading of the dock area and placement of a concrete pad for outside storage. The total project cost is $1,780,000. As a result of this project, the company will retain its current 10 full-time jobs.

Thus far in 2024, PIDA has approved $11,628,160 in low interest loans that have resulted in $20,086,789 in private investment and supported 387 created and retained full-time jobs.

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