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Farnese: State Investment Sparks Job Growth, Business Development
On September 7, 2016
Harrisburg, September 7, 2016 − A $2.5 million state investment has been approved for Yards Brewing, LLC, a Philadelphia-based craft brewery, State Senator Larry Farnese (D-Philadelphia) announced today.
“Investing in local businesses has an immediate and dramatic effect on our community,” Farnese said. “It’s all about opportunity.
“Through just this one loan we’re helping a business expand, further developing our community and growing the current workforce.”
PIDC Financing Corporation was awarded the $2.5 million, 10-year loan on behalf of the brewer. Funds for the loan were awarded through the Pennsylvania Industrial Development Authority (PIDA).
The company plans to use the funds to purchase machinery and equipment allowing an increase in capacity from 60,000 barrels to more than 200,000 barrels per year. The cost of the total project is estimated at nearly $14 million. The new investment is expected to create 70 new positions while maintaining 54 existing jobs.
PIDA provides low-interest loans and lines of credit to businesses for building acquisition, construction and renovation plus machinery and equipment loans. More than $35 million in low-interest loans have been authorized by PIDA in 2016, resulting in $70.4 million in private investment and provided for 1,350 created and retained full-time jobs.
As Democratic chair of the Senate Community Economic & Recreational Development Committee, Farnese noted the importance of state investment in local business.
“These loans provide an incentive for continued business development and growth,” Farnese said. “When we target investments into our local communities, everyone wins.”
Contact: Sally Keaveney
Telephone: 717 787-5662