Gov. Tom Wolf announced the approval of eight new low-interest loans through the Pennsylvania Industrial Development Authority to support business growth in six counties across Pennsylvania that will help create and retain 233 jobs.
Btec Solutions, Inc., through the Bucks County Economic Development Corporation, was approved for a 15-year, $2,250,000 loan at a 2.5 percent reset interest rate for the acquisition of a 161,000-square-foot building, located on 5.88 acres in an Enterprise Zone at 913 Cedar Ave. in Croydon. Btec Solutions, a long-term occupant of the building, is currently leasing approximately 45 percent of the facility.
The project also includes the purchase and installation of machinery and equipment, to be installed and utilized in the production operation of Btec Solutions. The company was approved for a 10-year $750,000 PIDA-MELF (Machinery and Equipment Loan Fund) loan at a 3.5 percent fixed interest rate toward this purchase. The total project cost is $13,363,268 and the company has committed to retain 86 full-time jobs within three years.
“It’s critical to support the growth of our businesses and give them the help needed to thrive here in the commonwealth,” said Wolf. “The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies in their surrounding communities.”