Shapiro Administration Invests More Than $3.7 Million Through New PIDA Loans to Create Jobs, Help Businesses Grow in Five Counties

The projects supported by these loans through the Pennsylvania Industrial Development Authority (PIDA) will inject more than $10.2 million into the economy, create 35 new jobs, and retain 53 existing positions.

Since the Shapiro Administration took office in 2023, PIDA has approved $180,872,614 in low-interest loans that have resulted in $474,557,895 in private investment, the creation of 1,573 full-time jobs, and the retention of 2,816 existing jobs.

Harrisburg, PA - Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of more than $3.7 million in new, low-interest loans through the Pennsylvania Industrial Development Authority (PIDA) to help support business growth in Bucks, Lackawanna, Lancaster, Montgomery, and York counties. Together, these projects will inject more than $10.2 million into the local economy, create 35 new, full-time jobs, and retain 53 existing jobs.

Governor Josh Shapiro is making Pennsylvania an economic development leader by investing in growing businesses, supporting manufacturing and other key industries, and creating real opportunities for Pennsylvanians.

Since 2023 under the Shapiro Administration, PIDA has approved $180,872,614 in low-interest loans that have resulted in $474,557,895 in private investment, the creation of 1,573 full-time jobs, and the retention of 2,816 existing positions.

"PIDA loans help provide Pennsylvania businesses with the tools they need to grow and succeed," said Secretary Siger. "Under Governor Shapiro's leadership, the Commonwealth is moving at the speed of business and making strategic investments that support growing companies and help build stronger communities across the Commonwealth."

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.

The approved projects are as follows: 

Bucks County 

• Amorphic Tech, Ltd., through the Bucks County Industrial Development Authority, was approved for a 10-year, $580,000 loan at a 4.25 reset interest rate to assist with the acquisition of an industrial property at 1466 North West End Boulevard in Quakertown. The approximately 20,000-square-foot facility on 3.6 acres will serve as the permanent headquarters for Amorphic Tech Ltd. - more than doubling the company's office, research and development, and manufacturing capacity while providing room for future expansion. As part of this project, the company will create six new, full-time jobs over the next three years and retain five existing positions. The total project cost is $1,450,000.

Lackawanna County 

• Moore Realty Services and Versaproducts Corp., through the NEPA Alliance, were approved for a 15-year, $400,000 loan at a 5.00 fixed interest rate to complete renovations at the manufacturing facility located at 300 Delaware Street in Archbald. The facility will be used to produce polyiso insulation, a rigid closed cell foam board commonly utilized in both commercial and residential construction. The planned improvements include replacing the electrical service and lighting, installing a new gas furnace and water heater, and constructing two new bathrooms. As part of this project, Versaproducts Corp. will create 12 new, full-time jobs over the next three years and retain one existing position. The total project cost is $804,516.

Lancaster County 

• 637 N Plum St LLC, through the EDC Finance Corporation, was approved for a 15-year, $200,000 loan at a 5.00 fixed interest rate to finance interior building renovations at the restaurant located at 637 North Plum Street in Lancaster. Known as Hotel Fulton, the property is situated within the historic Ross neighborhood and is part of a planned early suburban extension of Lancaster that developed around McGrann's Park. The total project cost is $833,500.

Montgomery County 

• Tech Tag & Label, Inc, through the Redevelopment Authority of the County of Montgomery was approved for a 15-year, $2,000,000 loan at a 5.25 percent fixed interest rate to assist with the acquisition of a 34,742-square-foot manufacturing facility located at 1901 North Penn Road in Hatfield Township. The property will serve as the operating location for two established businesses ― Tech Tag & Label and LSH Materials. Tech Tag & Label will continue to utilize most of the facility to manufacture pressure-sensitive labels and related printed products for industrial and commercial customers. In addition, 10,000 square feet will be subleased to LSH Materials, a materials trading and distribution company that imports and distributes specialty plastics. As part of this project, Tech Tag & Label will create seven new, full-time jobs over the next three years and retain 23 existing positions. The total project cost is $4,480,000.

York County 

• Groff & Julius LLC, through the York County Economic Development Corporation, was approved for a 10-year, $584,902 loan at a 4.25 percent reset interest rate to help with the construction of a new 5,342-square-foot office building at the company's existing 73-acre property located at 6549 Davidsburg Road in Dover. The new facility will support the company's expanding operations and will also include improvements at the site, including two 960-square-foot pole buildings, a 2,142-square-foot barn, a 224-square-foot lean-to, and a 192-square-foot utility shed. As part of this project, the company will create ten new, full-time jobs over the next three years and retain 24 existing positions. The total project cost is $2,662,197.

Since taking office, Governor Shapiro has made Pennsylvania more competitive - attracting over $41 billion in private-sector investment while creating more than 24,000 good-paying jobs across the Commonwealth and earning national recognition.

The Governor's 2026-27 budget builds on this momentum by investing in long-term economic growth and ensuring communities across the Commonwealth can compete and win.

Learn more about the Shapiro Administration's efforts to support Pennsylvania's workers and businesses and spur the economy, to build a stronger, more competitive economy for all Pennsylvanians.

For more information about PIDA or DCED, visit the agency's website, Facebook, X, and LinkedIn.

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