(WJET/WFXP/YourErie.com) — An Erie County business is one of eight Pennsylvania businesses that will receive a low-interest loan from the commonwealth through a program intended to spur business growth.
Equipment Reuse International LLC of Lake City has been approved for a 15-year $199,999 loan at a 2.5% reset interest rate to assist with improvements and renovations to their manufacturing facility. The total project cost is $400,000, and the company has committed to creating three new, full-time jobs and retaining nine positions within three years.
According to a news release from Governor Tom Wolf’s office, the Pennsylvania Industrial Development Authority loans are going to six counties and will help create and retain 233 jobs across the commonwealth.
“It’s critical to support the growth of our businesses and give them the help needed to thrive here in the commonwealth,” Wolf said. “The PIDA loans approved today will allow these companies to expand operations, create new jobs and boost the economies in their surrounding communities.”
Other projects receiving loans are in Bucks, Carbon, Philadelphia, Snyder, and Westmoreland counties.
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So far in 2022, more than $27.6 million in low-interest loans have created and retained 767 full-time jobs. To date since 2015 PIDA has approved more than $389 million in low-interest loans that have created and retained 15,532 full-time jobs.