BRISTOL, PA – Gov. Tom Wolf announced Wednesday that the Pennsylvania Industrial Development Authority has approved low-interest loans to four companies, including one in Bucks County.
The loans are meant to help grow operations, better serve consumers and create and retain jobs, according to a press release.
701 Canal St LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $ 627,600 loan at a fixed rate of 2.5%. The loan will finance the purchase of a 41,792 square foot multi-tenant building in the Borough of Bristol. The total cost of the project is $ 1,600,000.
The building is divided into eleven units, each rental space varying from 650 square feet to 5,034 square feet. There are currently nine tenants occupying the facility, eight of which use their space for light manufacturing, warehousing and distribution.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania who are taking the critical next steps to advance their capabilities and ensure they can continue to serve consumers reliably,” Governor Wolf said . “These affordable resources are invaluable as businesses grow and play a major role in my administration’s commitment to supporting and developing the economy and the state workforce.”
In 2021, PIDA approved $ 38,577,782 in low-interest loans that generated $ 91,045,930 in private investment and supported 1,592 full-time jobs created and maintained, the statement said.
Governor Wolf also approved funding for businesses in Beaver, Blair and Chester counties.