2C — June 8 - 21, 2018 — Pennsylvania — M id A tlantic Real Estate Journal
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hanges are coming to the state of Pennsyl- vania’s flagship eco- Colin McEvoy, Director of Communications, LVEDC Changes to PA’s Flagship Econ. Development Lending Program C
low-interest loans and lines of credit to eligible businesses that commit to creating and retaining full-time jobs. It is one of several incentive financ- ing resources available through LVEDC via the Lehigh Valley Lending Network. In 2018 so far, PIDA has ap- proved $24 million in low-inter- est loans across Pennsylvania that have resulted in $35.6 million in private investment and supported 1,478 created and retained full-time jobs, ac- cording to the state. Pennsylvania Gov. TomWolf announced about $12 million in new PIDA loan approvals in March for 15 business projects in 13 counties, helping create or retain nearly 500 jobs state- wide. This includes two compa- nies based in the Lehigh Valley. “From supporting manufac- turers to assisting our farmers, these projects will provide a boost to several sectors of our economy across the common- wealth,” Wolf said. “PIDA is an excellent program that enables crucial access to capital for businesses, and these projects approved today will create jobs, develop properties, and spur additional investment.” Coretech International, Inc.,
a manufacturer of core cutting equipment and systems, re- ceived a $252,000 10-year loan at a 2% fixed rate that will al- low the company to move from New Jersey to Allentown and create new jobs. Additionally, Gooch Thermal Systems, Inc., a manufacturer and supplier of spiral heat exchangers for difficult heat transfer applications, was ap- proved for a $1.1 million, 15- year loan at a 2% fixed rate for the acquisition of a Whitehall Twp. building. “The efforts of LVEDC and John Kingsley were very help- ful in smoothing out the PIDA process and minimizing the burden on us so we could focus on our day-to-day business,” said Hank Shamsi, president & CEO of Gooch Thermal Sys- tems. Located on three acres, the 28,217 s/f building will allow Gooch Thermal Systems to consolidate its operations – cur- rently in New Jersey – to one industrial site, saving the com- pany administrative costs and allowing for greater efficiencies and workflow.
nomic devel- opment lend- ing program, which could have a posi- tive impact on healthcare companies in the Leh i gh Valley.
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Colin McEvoy
The Pennsylvania Industrial Development Authority (PIDA) has expanded its eligibility to include for-profit health care operations for the first time, according to John Kingsley, vice president of Finance for the Lehigh Valley Economic Devel- opment Corporation (LVEDC). This means through the PIDA program, LVEDC and the state will be able to help healthcare companies not only acquire or upgrade buildings where they operate, but also ob- tain machinery and equipment used for business operations. “It creates a great opportu- nity for us to expand our port- folio of companies we support, and provides a terrific incentive to that industry in the Lehigh Valley,” Kingsley said. The PIDA program offers
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Shamsi expects to close on the building this month, then integrating the ART of landscape architecture with the SCIENCE of civil engineering continued on page 4C
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