Delloso announces PIDA’s low-interest loan to allow company to retain 21 jobs in Folcroft Borough
RIDLEY PARK, Jan. 9 – State Rep. David Delloso, D-Delaware, announced a low-interest loan for a Folcroft Borough manufacturing and research facility has been approved by the Pennsylvania Industrial Development Authority. The loan will allow Madame Rx – which also does business as Chemistry Rx – to retain 21 full-time jobs in its new Folcroft facility.
“Our region received one of the six low-interest loans approved Wednesday throughout the state, allowing a business in our district to not only complete a large expansion project, but also retain 21 full-time positions in Folcroft,” Delloso said.
Madame Rx will receive a $600,000, 10-year PIDA loan at a 2.75% fixed interest rate. The loan will allow the company to acquire three large machinery and equipment components as part of a $1.3 million expansion project in its new manufacturing and research facility in Folcroft.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs in the state. PIDA is currently offering interest rates between 2-3% for applications received by March 31.
Delloso and his office can assist nonprofits, local businesses and residents in numerous application procedures for state grants and low-interest loan programs through the state. Contact his office at 610-534-1002 for more information.