WEST CHESTER (September 4, 2019) – Two businesses in Chester County will receive low-interest loans to help them grow, expand and create new jobs, state Senator Andy Dinniman announced.
The low-interest loans, approved today by the Pennsylvania Industrial Development Authority (PIDA), will support the purchase, construction, and renovation of facilities and equipment.
They are as follows:
- Good Crop, Inc., an agricultural processor and fruit juice manufacturer, was approved for an $800,000, 10-year machinery and equipment loan through the Chester County Economic Development Council (CCEDC). This loan will not only help the company purchase equipment for expansion – Good Crop is expected to retain 12 and create 10 full-time jobs within three years.
- A Greener Tomorrow, Inc., a recycling company, was approved for a $400,000, 10-year real estate loan through the CCEDC. This loan will help A Greener Tomorrow acquire its real estate and conduct environmental projects on the site. The company is expected to create eight full-time jobs within three years thanks to the loan.
“These targeted investments can go a long way in supporting companies that are committed to Chester County and committed to expanding and creating jobs here,” Dinniman said. “It’s also rewarding to see the growth of recycling companies and those in the agriculture sector.”
A Good Crop and A Greener Tomorrow were two of six business in five counties across Pennsylvania that were approved for more than $6 million in loans. In total, the funding is expected to help create and retain 184 jobs across the commonwealth.
So far this year, PIDA has approved $26,890,536 in low-interest loans that have resulted in $46,895,789 in private investment and supported 962 created and retained full-time jobs.
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 that partner with PIDA. PIDA is currently offering interest rates between two and three percent for applications received by October 1, 2019.