Gov Approves Loan to Bristol Biz to Purchase Manufacturing, Warehousing Building
Governor Tom Wolf today announced earlier this week the Pennsylvania Industrial Development Authority (PIDA) has approved low-interest loan to a Bristol Borougb based business to help expand operations, better serve their consumers, and create more jobs.
701 Canal St LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $627,600 loan at a 2.5 percent fixed rate to purchase a 41,792 sq. ft. multi-tenant facility located in Bristol. The building is divided into eleven units with each tenant space varying from 650 sq. ft. to 5,034 sq. ft. Currently, there are nine tenants occupying the facility with eight using their space for light manufacturing, warehousing, and distribution. The total project cost is $1,600,000.
“PIDA funding is an incredible tool for growing businesses in Pennsylvania that are taking the next critical steps to advance capabilities and ensure they can continue to reliably serve consumers,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”
In 2021, PIDA has approved $38,577,782 in low-interest loans that have resulted in $91,045,930 in private investment and supported 1,592 created and retained full-time jobs.