Bizzarro: Low-interest state loan will retain, grow jobs in Erie County
Millcreek business expansion fueled by loan announcement
Northwest Delegation November 15, 2024 | 3:29 PM
ERIE, Nov. 15 - State Rep. Ryan Bizzarro, D-Erie, is celebrating the announcement of a low-interest loan for a local company to expand their operation and bring new companies to Erie County.
JEM Erie Realty, LLC, through the Enterprise Development Center of Erie County, Inc., is approved for a 15-year, $2.25 million loan at a 3.75% to purchase two buildings at 5650 Wattsburg Road in Millcreek Township. The buildings, totaling 178,708 square feet, will keep four existing tenants, with around a quarter of the industrial space available for new tenants. The total project cost is $8 million.
“Growing our economy isn’t just an accident, it often comes from careful investment by both companies and the state,” said Bizzarro. “I’m glad to see this affordable loan be approved, and for local companies to benefit.”
The loans come from the Pennsylvania Industrial Development Authority (PIDA) to support business expansion and create economic opportunity in PA. Five loans were announced today, and the projects supported through these loans are expected to create at least 28 new, full-time jobs.
“These recently approved PIDA loans will help businesses in four counties to expand, grow and create new jobs,” said Rick Siger, Secretary of the Pennsylvania Department of Community and Economic Development (DCED). “The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse and PIDA loans give businesses the tools they need to help make that happen.”
“To get this money, companies have to commit to creating and retaining full-time jobs,” said Bizzarro. “This is a smart use of tax dollars, and are the kind of projects I want to see more of in Erie County.”
Bizzarro continues to be a champion for Erie County, steering state money to properly fund Erie schools, workforce development, nonprofits, first responders, public works, utilities and local businesses in his district and Erie County. During the 2023-24 legislative session, Bizzarro helped secure more than $90 million in funding for Erie County projects.