HARRISBURG — Gov. Tom Wolf announced Wednesday that new statewide investments through the Pennsylvania Industrial Development Authority (PIDA) program will help spur development in the commonwealth, including in Elk County.
“It is critical that we continue to provide capital to our small businesses, and the loans approved today will do just that,” said Wolf. “Today’s loans not only invest in those businesses, they invest in the communities in which they are located in helping to support the vitality and overall well-being.”
In 2017, PIDA has approved $14.3 million in low-interest loans that have resulted in $23.8 million in private investment and supported 425 created and retained full-time jobs.
In Elk County, the North Central Pennsylvania Regional Planning and Development Commission was awarded a $63,500, 10-year loan at 4 percent on behalf of J.I.T. Tool & Die Inc., a manufacturer of compaction tooling and precision machine components for the powdered metal, carbon/graphite, carbide and plastics industries, to assist with the purchase of equipment for its manufacturing facility at 7294 Route 219, Brockport. The total project cost is estimated at $127,000, and will retain 32 existing positions.
