Local Companies Expand with Low-Interest PIDA Loans

New state investments approved recently by the Pennsylvania Industrial Development Authority (PIDA) will enable three companies in Bucks County to expand their operations and create and retain jobs.

Here are the local projects:

• Moore Energy LLC and PV Racking LLC will receive a $624,000, 15-year loan at 3 percent, allowing the companies to transfer 10 existing employees to the new site and create an additional eight full time jobs within the next three years. At a total project cost of $1 million, the companies will consolidate manufacturing and administration operations into the new 22,703-square-foot facility in Upper Southampton Township.

• Refrigeration Design and Service Inc. will receive a $1.4 million, 15-year loan at 3 percent allowing the manufacturer of industrial refrigeration systems to transfer its existing 40 employees and create eight new positions within the next three years. At a total project cost of $2.5 million, the company will acquire and renovate an existing building in Falls Township.

According to a release, the Bucks County Economic Development Corporation is the sponsoring agency for these projects.

 “Making strategic investments that help businesses create and protect Pennsylvania jobs is a priority of the Corbett administration,” Department of Community and Economic Development Secretary C. Alan Walker said. “The low-interest loans approved today through PIDA are a great example of state government partnering with local organization to support business growth and job creation in our communities.”

The Bucks County loans were among $6.8 million in low-interest loans approved by PIDA for six projects, resulting in more than $16 million in additional private investment. Other projects were located in Berks, Beaver, Lawrence and Westmoreland counties.

In addition, the Bucks County Industrial Development Authority (BCIDA) and the Bucks County Economic Development Corporation BCEDC have participated in financing the expansion of Gelest Inc. to Morrisville at 1 Progress Drive.

According to a county release, Gelest Inc. was founded in 1990 to serve the advanced technology applications market and is recognized worldwide as an innovator, manufacturer and supplier of Organo-Silicon and Metal-Organic materials for commercial production and Research & Development support.

“These are the types of industries we’re glad to support – they are right in the sweet spot of what the EDAB report talked about in terms of targeting growth industry,” Commissioner Robert Loughery said. “Additionally, it shows the value of private/public partnerships in leveraging new investment in today’s economy.”

 The total project cost for the Gelest expansion project is $4.375 million dollars. The BCIDA is financing $2.125 million dollar and BCEDC is financing $1.6 million dollars. The company currently has 80 full time jobs at its corporate headquarters at 11 East Street Road in Morrisville; the expansion will create 15 new jobs, bringing the new jobs creation potential up to 100 jobs at this facility.