Department of Community and Economic Development Secretary Rick Siger announced the approval of a low-interest loan through the Pennsylvania Industrial Development Authority to support business expansion for a Bensalem-based manufacturer.
First Look Display Group, LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $375,000 loan at a 3.50 percent reset interest rate to assist in the purchase and renovation of its currently-leased operational space in Bensalem Township.
FLDG Holdings, LLC was established as a real estate holding entity and will own the building and serve as the PIDA borrower. Founded in 2018, First Look Display Group, LLC designs and manufactures metal racking systems for a variety of uses, including point of purchase displays in retail environments and as storage units in industrial environments.
The company will also make renovations, including full replacement of the roof, and installation of three overhead doors and ancillary dock equipment. First Look Display Group, LLC has committed to retain 11 current jobs and create three new, full-time jobs within three years.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. The approval of this new loan builds upon Gov. Josh Shapiro’s commitment to spurring business growth and boosting the economy across Pennsylvania.
Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credit; multi-tenant facility projects; and industrial park projects.
“PIDA loans are one of our key economic development investment tools and are vitally important to companies looking to grow, retool or retain and hire additional workers,” said Siger. “The Shapiro Administration is working hard every day to transform Pennsylvania into an economic powerhouse, and PIDA is giving businesses the resources to help make that happen.”
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans, including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
Visit dced.pa.gov/ for more information.
