Gov. Tom Wolf announced nearly $2 million in low-interest loans through the Pennsylvania Industrial Development Authority that will help companies in Bucks, Montgomery and Westmoreland counties create and retain jobs and expand their operations.
“The funding approved today will have a meaningful impact on communities on either side of the commonwealth – providing local businesses with the support they need to expand their operations and create jobs,” said Wolf. “The targeted investments we make in projects like these help our businesses and communities and position Pennsylvania as the best place to live and work.”
Lenape Real Estate Partners, LLC, through Bucks County Economic Development Corporation, was approved for a 15-year, $423,000 loan at a 2 percent fixed interest rate to acquire and renovate a 14,705-square-foot multi-tenant building in Upper Southampton Township. The building is a condominium unit divided into three sections consisting of 6,361 square feet of office space and 8,344 square feet of light manufacturing and warehouse space.
Renovations to the property include new bathrooms on the first and second floors, an updated entrance, and two large overhead doors to improve access to the building. The total project cost is $1.058 million, and the company anticipates 25 to 30 full-time jobs to occupy the facility once fully leased.
