Gov. Tom Wolf announced the approval of nine new low-interest loans through the Pennsylvania Industrial Development Authority to support business growth and job creation/retention in several counties, including Bucks.
Aluminumia Realty LLC, through the Bucks County Economic Development Corporation, has been approved for a 15-year, $1 million loan at $1.5 percent reset interest rate to acquire and renovate a 14,229-square-foot, one-story, multi-tenant building located at 51 Runway Road, Bristol Township.
Once the building is acquired, the company has a tenant who will occupy 30 percent of the space with an expected increase to 50 percent in 2023. The company has identified a potential tenant for the remaining space after April 2023. The total project cost is $2 million.
“The PIDA loans approved today provide the support needed for these nine businesses to expand and succeed,” said Wolf. “Through the acquisition of new property, the expansion of existing buildings and the purchase of new equipment, this funding ensures these businesses can grow their operations right here in Pennsylvania.”