State Approves Loan for Business Expansion in Luzerne County

February 06, 2019 - 5:52 pm

Governor Tom Wolf has announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for projects in three counties that will support property acquisition, construction, and purchase of equipment that businesses need to expand.

“Providing businesses with access to capital is crucial in our goal to create the jobs that will move Pennsylvania’s economy forward,” Governor Wolf said. “The projects approved today are examples of our administration’s commitment to nurturing our commonwealth’s business climate and creating an environment in which companies can grow.”

In 2018, PIDA approved more than $84 million in low-interest loans that resulted in $119,561,991 in private investment and supported the creation and retention of 4,316 full-time jobs. This month, PIDA approved a total of $5.2 million in low-interest loans to projects in three counties.

The following loan was approved:

Luzerne County

American Paper Bag, LLC, a manufacturer of paper shopping bags and mailers, was approved for a $1.4 million, 10-year loan at a 3.75 percent rate for the purchase of machinery and equipment to be installed and utilized at the company’s manufacturing facility. The equipment includes two bag production machines and one flex printer. The new equipment will enable a new printing process so the company to offer its clients a unique variety of bag shapes and sizes with printing options on the exterior and interior of the bags. The project is expected to create 38 full-time jobs in three years.

PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development (DCED). 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.

Comments ()