Bethlehem (March 4, 2020)- Senator Lisa Boscola (D-Lehigh/Northampton) announced today that CryoConcepts, LP, a Northampton County business, was approved for a $400,000 low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) that will allow the company to purchase of new equipment and machinery, a project which will create 8 new full-time jobs and retain twenty additional jobs.
“PIDA is one of Pennsylvania’s most successful economic development programs,” Boscola said. “I’m very pleased to see these state funds invested in helping a local company to expand and help its employees to keep their good-paying jobs.”
CryoConcepts will install the new equipment and machinery at its research, development, and manufacturing facility in Bethlehem to support manufacturing new, more technologically-advanced cryosurgical products. CryoConcepts, LP, through the Lehigh Valley Economic Investment Corporation, was approved for the $400,000 PIDA loan at a 3 percent fixed interest rate for 10 years. The total project cost is $850,000.
With the goal of creating and retaining full-time jobs, PIDA offers low interest loans and lines of credit to Pennsylvania businesses. In 2020, PIDA has already approved $12,476,775 in low-interest loans that have resulted in $28,840,802 in private investment and supported 933 created and retained full-time jobs. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA. PIDA is currently offering interest rates between 2 and 3 percent for applications received by March 31, 2020.
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.
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