CAN DO, Inc., the economic development organization serving Greater Hazleton and beyond, announced updated interest rate options for Pennsylvania Industrial Development Authority (PIDA) products and loans for the 2016 second quarter.
PIDA provides funding up to 50 percent of project costs for eligible businesses that commit to creating and retaining full-time jobs. PIDA loan applications can only be packaged, underwritten and submitted by Certified Economic Development Organizations such as CAN DO, which is authorized to provide these services in the Greater Hazleton and Luzerne County areas.
The new rates are in effect for loan applications received through June 30, 2016.
Industries thrive in Greater Hazleton’s Humboldt Industrial Park because of the area’s competitive operating costs and strategic location near the crossroads of Interstates 80 and 81. Another added benefit is immediate access to the quality railroad system that runs directly through several sections of the 3,000-acre park.
When Reading Blue Mountain & Northern Railroad (RBMN) took over rail service in CAN DO’s Humboldt Industrial Park on January 1, companies in Greater Hazleton immediately saw the benefits they would receive from the rail carrier’s personalized service and quality access to rail transportation for their goods and services.
When a group of investors decided they wanted to sell their investment property in Humboldt Industrial Park, CAN DO, Inc. stepped in and purchased the building to ensure that its tenant, plastics manufacturer Pretium Packaging, could continue its operations without interruption.
The 123,000-square-foot facility on Forest Road became the latest investment in CAN DO’s real estate portfolio. “We wanted to ensure that Pretium Packaging remains in Hazleton and continues to provide jobs for its approximately 150 employees,” said Joseph Lettiere, CAN DO’s Vice President.
Located directly along the I-81 corridor in Northeast Pennsylvania and just minutes from I-80, Greater Hazleton offers an ideal location, just two hours to New York City and Philadelphia and within a day's drive of half the nation's population.