HARRISBURG – The Department of Community and Economic Development (DCED) today approved a Pennsylvania Industrial Development Authority (PIDA) program low-interest loan for a project located in Bradford County, according to Sen. Gene Yaw (R-23).
The Northern Tier Regional Planning and Development Commission has been awarded a $253,000, 15-year loan at 2.5 percent for the first seven years, on behalf of Oak Hill Veneer, Inc.
Yaw said the financing will be used to construct a building on the existing project property located in Troy Township in response to increased production of spliced veneer cuts and new veneer board products. The funding will also help create 13 new jobs and retain 62 existing jobs.
“Promoting economic growth in our communities has been one of my top priorities since taking office, and I am confident that this funding will be a strong investment in our local economy,” Yaw said.
PIDA 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.
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