LOCAL BUSINESSES WILL EXPAND USING PIDA LOANS

HARRISBURG, December 18, 2003 -- Two area businesses will expand their facilities and add to their employment rosters using more than $1.2 million in loan funds from the Pennsylvania Industrial Development Authority (PIDA), state Senator John N. Wozniak announced today.
          The Moshannon Valley Economic Development Partnership in Centre County was awarded a $400,000 PIDA loan to construct a new 30,000 square-foot facility for use as a multi-tenant building. The new facility will be located in the Moshannon Valley Regional Business Park, which is part of a Keystone Opportunity Zone in Phillipsburg. The facility is expected to host 12 businesses and create 100 new jobs.

First Quality Products, Inc., in Clinton County was awarded an $841,250 PIDA loan to construct an 80,000 square-foot expansion to its existing facility in the Clinton County Industrial Park. The expansion, sponsored by the Clinton County Economic Partnership, will allow the company to increase storage capacity and create 34 new jobs.

             “I am grateful to the Pennsylvania Industrial Development Authority for their investment in the future economic development of my district,” Wozniak said.

            “These loans offer hope to local businesses who otherwise might not be able to conduct large-scale expansion projects,” Wozniak added. “In the coming years, the completed facilities will give our residents more job opportunities close to home.”

            PIDA provides low-interest loans through local industrial-development corporations for the purposes of land and building acquisition and construction or renovation. These loans have resulted in job retention and creation throughout the state.

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