Gov. Tom Wolf announced that the Pennsylvania Industrial Development Authority has approved low-interest loans to four businesses, including one in Bucks County, to help expand operations, better serve their consumers, and create and retain jobs.
701 Canal St. LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $627,600 loan at a 2.5 percent fixed rate to purchase a 41,792 square foot multi-tenant facility located in Bristol Borough. The building is divided into 11 units with each tenant space varying from 650 square feet to 5,034 square feet. Currently, there are nine tenants occupying the facility with eight using their space for light manufacturing, warehousing and distribution. The total project cost is $1,600,000.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania that are taking the next critical steps to advance capabilities and ensure they can continue to reliably serve consumers,” said Wolf. “These affordable resources are invaluable as businesses expand and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”
In 2021, PIDA has approved $38,577,782 in low-interest loans that have resulted in $91,045,930 in private investment and supported 1,592 created and retained full-time jobs. Visit dced.pa.gov for more information.