CRAWFORD CO., Pa. (EYT) — Tool manufacturer Channellock, Inc. was approved for a $1.25 million, 15-year PIDA real estate loan to expand their existing operation.

On Wednesday, Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) for four businesses in four counties, including Channellock, Inc. in Crawford County. The loans will enable the purchase, construction, and renovation of facilities and will help create and retain hundreds of jobs across the commonwealth.

Channellock, Inc. was approved for a $1.25 million, 15-year PIDA real estate loan at a 1.75 reset interest rate and a $1 million, 10-year PIDA machinery and equipment loan at a 2.75 percent fixed interest rate through Economic Progress Alliance of Crawford County to build a 35,000-square-foot addition to the company’s existing 64,427-square-foot manufacturing facility in Meadville.

The new space will be used for the packaging, warehousing, and shipping of finished goods, a portion of which is currently outsourced to a New York firm. The construction of the new addition will allow all outsourced operations to be relocated to the Meadville location and completed by Pennsylvania employees.

This project, coordinated by the Governor’s Action Team, also involves the purchase and installation of new machinery and equipment, which will allow an increase in manufacturing speed and production capacity. The total project cost is more than $10 million. As a result of this project, 360 full-time jobs will be retained within three years.

“Our investments in these business expansion projects will help spur additional investments and create new jobs in each community,” said Gov. Wolf. “The infusion of capital funding for small businesses is critical and I’m proud that the commonwealth is a strong partner in this process.”

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 (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between 1.75 and 2.75 percent for applications received by December 31, 2019.

The following loans were also approved:

• Equipment Reuse International LLC, a construction equipment manufacturer in Erie County, was approved for a $399,999, 15-year PIDA loan at a 1.75 percent reset rate through Northwest Pennsylvania Regional Planning & Development Commission for the acquisition of a 50,085-square-foot building in Lake City Borough. Equipment Reuse International has outgrown its current facility and this relocation will provide the company with the additional space needed for current and future growth. The manufacturing space is divided into three 11,900-square-foot bays with overhead doors, and the company has entered into a lease agreement to lease one bay back to the seller. The total project cost is $900,000. The company is expected to retain three full-time jobs and create eight full-time jobs as a result of this project.
• Steel pipe manufacturer Piling Solutions, Inc. in Luzerne County was approved for a $1.25 million, 5-year PIDA machinery and equipment loan at a 2.75 percent fixed rate through Northeastern PA Alliance to move operations into a larger 225,000-square-foot manufacturing space in Hanover Township, and acquire both used and new steel pipe manufacturing equipment to keep up with customer demand. A new pipe mill machine will be custom built to allow the company to roll, weld, ultrasonic test, and clean the steel pipe in one seamless process. The company will retain all 37 existing full-time jobs at the new facility and will create 50 new full-time jobs within three years. This project, totaling more than $3.5 million, is part of a larger project coordinated by the Governor’s Action Team, with a total cost of more than $10 million.
• Product Evaluation Systems, Inc., a full-spectrum industrial testing company in Westmoreland County, was approved for a $601,352,10-year PIDA loan at a 2.75 percent fixed rate through Economic Growth Connection of Westmoreland to purchase specialized testing equipment that will increase Product Evaluation Systems’ capacity to test specifically for the aerospace, additive 3D printing, defense and power generation industries. The new equipment will be used in connection with a recent PIDA real estate loan approval which will fund the construction of a 12,150-square-foot pre-engineered steel building with a connecting corridor to the company’s existing 18,000-square-foot facility in Unity Township. The total project cost is $1,594,331. This project will support the retention of 42 full-time jobs and the creation of 8 full-time jobs within three years.

This year, PIDA has approved $45,580,977 in low interest loans that have resulted in $94,181,982 in private investment and supported 1,443 created and retained full-time jobs.