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State investments totaling more than $2.3 million to assist two businesses in the Lehigh Valley |
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Written by Lehigh Valley Economic Development Corporation
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Lehigh Valley Economic Development Corporation (LVEDC) is pleased to announce the Pennsylvania Department of Community and Economic Development has allocated more than $2.3 million in Pennsylvania Industrial Development Authority (PIDA) loans to two Lehigh Valley companies that will create 25 new jobs and retain another 93 over the next three years that will leverage more than $5.7 million into the region’s economy.
The two companies are Fitzpatrick Container Co. and Applied Seperations Inc.
“This is huge because this capital is doing two very important things: It’s encouraging business growth here in the Valley and it’s also helping to return a vacant property to productive use in Upper Macungie Township,” said LVEDC Vice President of Finance John Kingsley. “In this environment it’s crucial that companies looking to expand can still acquire the money they need to implement those plans. And we’re pleased to have been a part of that.”
The PIDA program is considered by many lenders to be Pennsylvania’s flagship economic development financing program. Established in 1956, the PIDA program provides low-interest loans for funding land and building acquisition, building construction and renovation for manufacturing, industrial and other eligible companies. The program can finance up to $2,250,000 and carries a fixed interest rate of 2.5 percent with a term up to 15-years.
The PIDA Program is one of numerous financing programs and incentives that LVEDC administers. These programs are available to a broad range of companies and offer lower-cost alternatives and complementary financing to traditional funding resources.
Fitzpatrick Container will be moving from North Wales, Pa. to a 100,000 square-foot building they are acquiring and renovating located on Schantz Spring Road in Upper Macungie Township, Lehigh County. The $5.2 million project is sponsored by Lehigh Economic Advancement Project, Inc. The company manufactures corrugated shipping containers and displays primarily for the pharmaceutical, food and battery production industries. Their new location will allow for greater manufacturing capacity and efficiency. The relocation is slated to occur by the end of the second quarter of 2011.
Applied Separations is making substantial renovations to their 35,000 square foot location on Hamilton Street in the City of Allentown, Lehigh County. The $542,395 project is sponsored by Lehigh Economic Advancement Project Inc. It will allow for business growth and will see the conversion of the second floor of the building from storage to a laboratory. The company manufactures laboratory sample preparations and supercritical fluids. The laboratory sample preparation business is a consumables business whereas the supercritical fluids is a capital business.
For more information about the PIDA loan, please contact John Kingsley at 610.266.0887 or
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For more information, please contact Stephen Althouse at 610.266.3817 or
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Lehigh Valley Economic Development Corporation (LVEDC) is a one-stop, full-service business and economic development agency. Created to promote and foster economic prosperity in the Lehigh Valley, LVEDC assists businesses by providing them with regional, economic and demographic information, finance and business incentives, site and facility availability, business networking, and workforce services. By coordinating with state, county, and municipal governments, chambers of commerce, industry organizations, educational institutions and utilities, the award-winning LVEDC streamlines the relocation and expansion process for businesses. Visit LVEDC online at www.lehighvalley.org. Follow LVEDC on Twitter at http://twitter.com/ValleyYPs.
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