HARRISBURG ? The Commonwealth Financing Authority (CFA) has approved $832,275 in loans and $3.50 million in loan guarantees? for nine projects which will result in nearly $12.5 million in additional private economic investments.
?In the current economy, securing capital for development and expansion has not been easy for small businesses,? Department of Community and Economic Development Secretary C. Alan Walker said. ?The state investments made through the First Industries program provide low interest loans, loan guarantees and grants to agriculture and tourism-related businesses to assist with business promotion and expansion.?
The approved loans and loan guarantees will support projects in Adams, Bucks, Clearfield, Franklin, Huntingdon, Lancaster, Mifflin and Snyder counties.
The First Industries program provides loans, loan guarantees and grants to strengthen Pennsylvania?s agriculture and tourism industries by encouraging rural economic development and job creation. ?
For more information about economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit newpa.com.
Editor?s Note: ?The First Industries projects approved by the Commonwealth Financing Authority today are listed below:
Adams County
Spencer Showers (doing business as SM Showers Fruit Farm) received a $135,000 First Industries Agriculture loan to purchase 24-acres of farmland in Aspers. The primary business of SM Showers Fruit Farm is the operation of growing fruit. The total project cost is $435,000.
Bucks County
Bhavi Hotel, LLC received a 36 percent First Industries Tourism guarantee on two loans totaling $6.9 million from 1st Constitution Bank, to help finance the construction of a new hotel facility in Warrington.
Clearfield County
Wapiti Ridge Wine Cellars, Inc. received a $50,000 First Industries Tourism loan to help purchase and renovate a building for use as a winery, gift shop and storage facility in Penfield. The primary business of Wapiti Ridge Wine Cellars will be the operation of a winery. The total project cost is $127,500. ?
Franklin County
Dennis and Renee Rife received a 90-percent First Industries Agriculture guarantee on two loans totaling $590,561 from AgChoice Farm Credit. The loans will help finance the construction of a new, 31,500-square-foot organic broiler house and a 49 kW tilt ground-mounted solar array in Greencastle.
Huntingdon County
Juniata Country Enterprise, LLC received a $125,000 First Industries Tourism loan to help construct four cabins in James Creek. The primary business of Juniata Country Enterprise is the operation of a campground. The total project cost is $404,562.
Lancaster County
Barry and Sharon Kreider received a $200,000 First Industries Agriculture loan to help construct a 14,848-square-foot freestall barn and a 6,720-square-foot milking parlor/special needs area in Mount Joy. The primary business of Barry and Sharon Kreider farm is the operation of a dairy farm. The total project cost is $788,000.
Jeffrey and Jesslyn Balmer received a $200,000 First Industries Agriculture loan to help construct a freestall barn and purchase two new Lely milking robots in Lititz. ?The primary business of the Jeffrey and Jesslyn Balmer farm is the operation of a dairy farm. The total project cost is $1.8 million.
Mifflin County
Daniel and Ardra Lukens, and Darvin, Sonia and Joshua Renninger received a 90 percent First Industries Agriculture guarantee on a $525,000 loan from AgChoice Farm Credit. The loan will help finance the construction of a new, 20,172-square-foot hog-finishing barn in McClure. The primary business of Daniel and Ardra Lukens, and Darvin, Sonia and Joshua Renninger is the operation of a dairy farm. ?
Snyder County
Douglas and Greta Hollenbach received a $122,275 First Industries Agriculture loan to help construct a 2,400-square-foot broiler house in Beaver Springs. The primary business of Douglas and Greta Hollenbach is the operation of a poultry farm. The total project cost is $260,550.
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