Gov. Tom Wolf announced $1.28 million in low-interest loans through the Pennsylvania Industrial Development Authority that will help companies in three counties, including Bucks County, improve their operations, expand their facilities and create and retain jobs.
Martelli Realty, LLC, through Bucks County Economic Development Corporation, was approved for a 10-year, $522,000 loan at a 1.75 percent fixed rate to acquire a 15,128-square-foot industrial building situated on two acres in Ivyland. The building, adjacent to the company’s current facility, will allow for the expansion of The Martelli Companies, a group of related entities, into both facilities.
The Martelli Companies are an equipment moving and transportation provider. Doyle Machine Tool, Inc., a Martelli Company, is expected to occupy approximately 75 percent of the space with the remaining 25 percent occupied by other various Martelli Companies due to its proximity to their current facility and the shared resources of the companies. Given this unique relationship between companies, all entities of The Martelli Companies will commit to retaining their current 40 full-time employees over three years. The total project cost is $1,160,000.
“Despite navigating the challenges of the past year, Pennsylvania has remained committed to investing in companies that make a real difference in their local communities, creating and retaining jobs and providing critical goods and services,” said Wolf. “The projects approved today will position these companies for long-term success, and will help Bucks, Lancaster and Lebanon counties enhance their economic vitality and the strength of their communities.”
For the year ending 2020, PIDA has approved $44,502,915 in low-interest loans that have resulted in $78,095,857 in private investment and supported 1,434 created and retained full-time jobs.
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