Governor Tom Wolf has announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for eight businesses in five counties. The loans will enable the purchase, construction, and renovation of facilities and will help create and retain thousands of jobs across the commonwealth.

“By making continued investments in projects across the commonwealth, we’re creating jobs, supporting businesses, and making Pennsylvania a better place to live and work every day,” said Gov. Wolf. “These projects will benefit both businesses and their surrounding communities, providing welcome economic boosts in these regions.”

The following loan was approved for Northampon County:

Tyber Medical, LLC, a private label orthopedic device company was approved for a $400,000, 10-year PIDA loan at a 2.75 percent fixed rate through Lehigh Valley Economic Investment Corporation to purchase machinery and equipment to be used at its new 35,000-square-foot leased manufacturing facility in Hanover Township. The new facility, adjacent to the current facility, will allow the company to begin the process of bringing manufacturing and packaging in-house to achieve greater control of its supply chain and quality control. The total project cost is $800,000. In June, Gov. Wolf announced that Tyber Medical would expand its manufacturing operation. The company plans to invest $3.8 million into the project, which is expected to create 44 new, full-time jobs and retain 35 existing jobs over the next three years.

PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between 1.75 and 2.75 percent for applications received by Dec. 31.

So far in 2019, PIDA has approved $34,896,080 in low-interest loans that have resulted in $56,040,740 in private investment and supported 1,145 created and retained full-time jobs. This month’s meeting included the approval of eight projects totaling more than $12 million in five counties.

The other counties to benefit from this program are Berks, Blair, Clarion and Lancaster.

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