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State Loans $5M to Help Companies Expand

HARRISBURG, PA-Five companies in four counties obtain low-cost PIDA loans to create an aggregate of more than 460,000 sf of new workspace.

By Marita Thomas | Updated on September 14, 2007

HARRISBURG, PA-Gov. Ed Rendell has handed out $4.7 million in low-cost loans from the Pennsylvania Industrial Development Authority to help fund expansion of five companies located in four counties. The PIDA loans represent approximately 30% of the estimated aggregate $15.6-million cost of the projects.

The largest loans have been provided to two projects in Allegheny County. Pittsburgh-based Metro Burgh Properties LP obtained a $1.8-million loan to acquire and renovate a 156,000-sf office/warehouse building. At a total investment of $6 million, Metro Burgh is redeveloping the property into the Majewski Building, which it will lease to other companies.

MNB Limited Partnership, the owner of Braddock-based A.J. Silberman & Co. LP, a wholesale distributor to convenience stores, will use its loan of slightly more than $1.1 million to acquire and renovate a 117,900-sf facility in Indiana Township in Allegheny County. The project cost is $3.8 million and will retain 112 employees and create 46 new jobs.

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