Today, State Senator Stewart J. Greenleaf announced that the Montgomery County Development Corporation was awarded a $1.5 million, 10-year loan at 4 percent on behalf of Skyline Emissions, Inc. of Montgomeryville, for the purchase of equipment to manufacture emission replacement components for heavy duty diesel vehicles. The company will retain 18 full-time jobs and create 18 additional full-time positions in the next three years. The total project cost is $3 million.
The loan is through the Pennsylvania Industrial Development Authority (PIDA), which has invested nearly $5.5 million to help spur statewide development and create and retain 79 jobs.
“I am pleased to see Skyline Emissions, Inc. receive this loan to which will create good local jobs,” said Senator Greenleaf. “These loans are an example of the Commonwealth’s commitment to assisting small businesses in their efforts to expand their operations which will deliver economic benefits to our communities.”
In 2017, PIDA has approved $15.2 million in low-interest loans that have resulted in $25.6 million in private investment and supported 443 created and retained full-time jobs.
Over the last month, PIDA approved a total of $5,453,750 million in low-interest loans for seven projects in Berks, Cumberland, Erie, Lancaster, Montgomery, and Tioga counties that will generate nearly $6 million in private investments.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
Qualified applicants are eligible to select either a reset rate of 4.00 percent for the first seven years or a fixed rate of 2.25 percent for real estate financing, 4.00 percent fixed rate for equipment loans, 4 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through June 30, 2017.