Governor Tom Wolf announced four new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) that will provide for business expansion and job creation in Elk, Lancaster and Northumberland counties.
“No matter the challenging circumstances our commonwealth is facing, we continue to make strategic investments in businesses and projects across Pennsylvania,” said Gov. Wolf. “These projects will benefit both businesses and their surrounding communities by creating jobs, supporting businesses, and making Pennsylvania a better place to live and work every day.”
In 2020, PIDA has approved $34,498,467 in low-interest loans that have resulted in $67,502,442 in private investment and supported 1,148 created and retained full-time jobs.
The projects approved today are as follows:
Elk Life, LLC, through North Central PA Regional Planning & Development Commission, was approved for a $150,000, 15-year reset rate loan at 0.75 percent interest to purchase a 1,600-square-foot building on 1.05 acres in Benezette at the former site of the Old Bull Café. Elk Life, LLC was established in 2018 by the owners of Benezette Wines in Benezette, Elk County. The business has been located inside the Benezette Wine Shop since 2018 and includes a coffee shop and retail sales of other novelty items identified with the Elk tourist area. The business has trademarked the Elk Life brand for a line of apparel which is retailed both in-store and through online sales.
The new location will offer a larger footprint to feature Elk Life apparel, novelty and gift items purchased from local area businesses, coffee and specialty drinks, ice cream, donuts and other limited food items. The building is 0.3 miles from Benezette Wines and within proximity to the Elk Country Visitor Center. The new location offers the company higher visibility to the large volume of tourists who visit this popular area in the Pennsylvania Wilds. The total project cost is $301,439 and Elk Life, LLC will retain three full-time employees as a result of this project.
PAP Technologies, Inc., through EDC Finance Corporation, was approved for a $1,469,800, 15-year reset rate loan at 0.75 percent interest to acquire a 43,500-square-foot facility in East Hempfield Township. PAP Technologies is a printing company specializing in highly secure gaming stock such as lottery tickets, betting slips and other gaming products. The new facility sits on 4.5 acres and consists of light manufacturing, warehouse, and office space. The company will be relocating from its Greenfield Industrial Park (Lancaster County) location to the project site in early 2021. The total project cost is $2,939,600 and the company has committed to relocating all 44 existing full-time jobs to the new facility.
Real estate development company Tri-S Management, LLC, through EDC Finance Corporation, was approved for a $1,953,000, 15-year fixed rate loan at 1.75 percent interest to construct a new industrial park in East Earl Township. The new park will total approximately 16 acres and will be divided into two lots for development. PIDA funds will be utilized for site improvement work that is required to make the two sites shovel ready for development.
Hidden Castle Banquets, LLC, through SEDA-Council of Governments, was approved for a $75,000, 15-year reset rate loan at 0.75 percent interest to acquire land and construct a parking lot located in Coal Township. The company offers a banquet hall and catering options for special events in the region. Off-street parking will provide safety and convenience for their guests and provide possible business growth opportunities in the future. The total cost of $153,693, and Hidden Castle Banquets, LLC will retain two full-time employees as a result of this project.