Shapiro Administration Invests More Than $1.6 Million Through New PIDA Loan

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of a new low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to support plans by the Bedford County Development Association (BCDA) to build another industrial park in Bedford County.

The BCDA was approved for a 15-year, $1,650,000 loan at a 3.75 reset interest rate for the acquisition of approximately 155 acres of undeveloped land at 1445 Country Ridge Road in Bedford Township. The funds will be used to help create an industrial park that will attract private investment, establish new space for businesses, and generate new job opportunities for area workers. The total project cost is $2,200,000.

“A PIDA loan is a key economic development investment tool to help generate business growth and create new jobs across the Commonwealth,” said Secretary Siger. “The Shapiro Administration’s investment in this new BCDA business park will provide more space for new and growing companies while creating real economic opportunity for Pennsylvanians.”

So far in 2024, PIDA has approved $17,624,290 in low interest loans that are resulting in $28,883,059 in private investment. These loans will also create 175 new full-time jobs and retain 378 additional jobs.

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

Site development is one of Governor Josh Shapiro’s key priorities that will help make Pennsylvania more competitive economically. In the 2024-25 bipartisan budget, the Governor helped secure $500 million for site development, including $400 million for the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program. Yesterday, DCED announced the opening of the PA SITES program to bring more commercial and industrial sites online for businesses to relocate or expand within Pennsylvania.

Governor Josh Shapiro’s 2024-25 bipartisan budget delivers on key priorities to make Pennsylvania more competitive economically. In addition to PA SITES, it includes:

• $20 million for the Main Street Matters program to support small businesses and commercial corridors that are the backbone of communities across our Commonwealth;
• $20 million in state funding for small minority-owned businesses in Pennsylvania; and
• $15 million for tourism marketing to boost our economy, attract more visitors, and support good-paying jobs — building on the Governor’s launch of the Great American Getaway brand to encourage tens of millions within a few hours’ drive to visit Pennsylvania.

You can read Pennsylvania’s first economic development strategy in 20 years. Get more information on how the Governor’s budget will create economic opportunity for all Pennsylvanians.