The Pennsylvania Industrial Development Authority (PIDA) announced through Gov. Tom Wolf its approval of two low-interest loans for business expansion and job creation. One will boost Quakertown, the other, the Lehigh Valley.
Home Reserve, LLC, through the Bucks County Economic Development Corporation, was approved for a $740,000 PIDA Machinery and Equipment Loan Fund (MELF) loan. Terms are for ten years at a 2.75 percent fixed interest rate.
The purpose of the infusion is to acquire nearly $1.5 million in manufacturing machinery and processing equipment for use in Home Reserves’ new Quakertown facility. The equipment includes industrial woodworking, textile, foam blowing, and packaging machinery. The investment supports Home Reserves’ manufacturing and packaging business, creating uniquely designed, flat-packed, and ready-to-assemble furniture.
The expansion will create 85 new jobs in three years, and the total project cost is $1,480,000.
The second loan funds St. Luke’s Health Network, which is constructing a new 8,187 sq. ft. medical facility in Hanover Township.
“These businesses are taking major steps to advance and grow in the Commonwealth, while continuing to serve consumers. This funding provides crucial assistance in supporting their respective projects throughout their expansions, bringing dozens of new jobs and new opportunities to local communities,” said Gov. Wolf.
More on these project — and others like it — is at PIDA.