Wolf Approves $ 627,000 Soft Loan for Bucks Co. Business
BRISTOL, PA – Governor Tom Wolf announced Wednesday that the Pennsylvania Industrial Development Authority has approved low-interest loans to four companies, including one in Bucks County.
According to a press release, the loans will help expand operations, better serve consumers, and create and maintain jobs.
701 Canal St LLC has been approved through Bucks County Economic Development Corporation for a 15 year loan of $ 627,600 at a fixed rate of 2.5 percent. The loan will fund the purchase of a 41,792 square foot multi-tenant facility in Bristol Borough. The total cost of the project is $ 1,600,000.
The building is divided into eleven units, with each rental area varying between 650 square meters and 5,034 square meters. Nine tenants currently live in the facility, eight of whom use their space for light production, storage and sales.
“PIDA funding is an incredible tool for growing Pennsylvania businesses as they take the next critical steps to hone their skills and ensure they can continue to serve consumers reliably,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play an important role in my government’s commitment to supporting and growing the economy and state staff.”
In 2021, PIDA approved $ 38,577,782 soft loans that resulted in $ 91,045,930 in private investment and supported 1,592 full-time positions created and maintained, the news release said.
Gov. Wolf also approved funding for businesses in the Beaver, Blair and Chester counties.