Penn IDA / EDC Finance Complete 1st Year of Joint Venture
In its first year of operation, Penn IDA approved $7.7 million of tax exempt loans for a not-for-profit project and several Next Generation Farmer loan projects. More information on IDA financing can be found on the EDC Finance website at: www.edcfinancecorp.com.
Pet Food Experts Celebrates Grand Opening
On July 7th, New England based Pet Food Experts celebrated the grand opening of its new 200,000+ sq. ft. distribution and fulfillment center on South Muddy Creek Road in East Cocalico Township, Lancaster County. Pet Food Experts is a private, family owned business that services the needs of over 3,400 independent pet retailers across more than 25 states. The project allowed Lancaster County to retain the company with this permanent investment after outgrowing a previous distribution facility on Greenfield Road in Lancaster. About 60 jobs will be retained with the move and another 60 positions could be added over the next few years. EDC Finance worked with Metro Bank and York County Economic Development Corporation to structure a Bank, PIDA, SBA 504 financing package to lock in over 50% of the project costs at attractive long term economic development fixed rates for the project.
SBA 504 Financing Supports Excelsior Redevelopment
A full LNP article and short video regarding the Excelsior project can be found here.