Two Northampton County businesses are among the recipients of millions of dollars in funding to support growth and new jobs, according to Gov. Tom Wolf. WDIY’s Sarit Laschinsky has more.
Wolf announced Wednesday that six new low-interest loans, totaling over $9 million, have been approved through the Pennsylvania Industrial Development Authority.
According to a release, the funding will support business growth in five counties, as well as help create and retain 287 total jobs.
In Northampton County, Continental Cup Company was approved for a 10-year, $210,000 loan at a 3.75% set interest rate, through the Lehigh Valley Economic Investment Corporation.
The loan will help purchase machinery and equipment – such as forklifts, a lid automation system, dome lid mold, and more – to be installed in the company’s manufacturing facility at 1920 Spillman Drive in Bethlehem city.
The total project cost is $491,562, and the company has committed to creating 44 new full-time jobs and retaining 27 employees over three years, according to Wolf’s office.
Additionally, Green Leaf Productions was also approved through the LVEIC for a 10-year, $945,000 loan at a 3% reset interest rate for the purchase of a new 10,000 square-foot office building at 161 North Commerce Way in Bethlehem.
The project site will be used as a full-service multimedia production facility, and the total project cost is $2.1 million. Green Leaf Productions has also committed to creating 25 new full-time jobs within three years.
The other loans went to businesses located in Armstrong, Bucks, Lackawanna and Wyoming counties.
Wolf’s office said so far in 2022, PIDA has approved $41,505,998 in low-interest loans, which has resulted in $90,918,585 in private investment, and supported 998 created and retained full-time jobs.
Since 2015, PIDA has approved $403,284,275 million in loans, resulting in $818,899,754 in private investment, and supported 15,763 created and retained full-time jobs.
(Original air-date: 11/3/22)