HARRISBURG, Pa. (WHTM) – Governor Tom Wolf announced Wednesday, July 6 the approval of two new low-interest loans that will support business growth in Cumberland and Allegheny counties and help create or to retain 24 jobs.
These loans will be made through the Pennsylvania Industrial Development Authority (PIDA).
The project approved for Cumberland County is for RLS Construction Group, LLC, through the Cumberland Area Economic Development Corporation, which has been approved for a loan of $400,000 over 15 years at a reset interest rate of 2.5% to acquire and renovate an existing building located at 230 South Sporting Hill Road in Mechanicsburg.
The current building will be converted into an industrial space to meet the needs of RLS. The total cost of the project is $1,496,100 and the company is committed to creating six new full-time jobs and retaining 18 positions within three years.
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“The PIDA loans approved today will provide the support these businesses need to create economic growth,” Governor Wolf said. “It’s always considered a win when we’re able to help businesses grow and succeed here in Pennsylvania.”
PIDA approved $23.3 million in low-interest loans that leveraged $45.7 million in private investment and supported the creation and maintenance of 743 full-time jobs.