CAN DO, the economic development organization serving Greater Hazleton and beyond, announced updated interest rate options for Pennsylvania Industrial Development Authority (PIDA) loans for the 2015 second quarter.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by certified economic development organizations that partner with PIDA to administer the program.
The new rates will be in effect for loan applications received through June 30, 2015.
Keeping in line with its mission and the strategic goal of attracting and retaining jobs in Greater Hazleton, CAN DO, Inc. recently purchased a 25,000-square-foot building in Humboldt Industrial Park West from a private corporation. The ownership was leasing it to a food processing-related company and decided they wanted to sell the building.
Knowing the tenant wanted to remain in the property for the remaining term of the lease, and with the hope of retaining the company long term, CAN DO stepped in and purchased the facility to ensure the tenant would be able to continue its operations.
CAN DO is continually looking to assist the food processing industries located in Greater Hazleton in any way possible. Recently, CAN DO assisted in a less traditional way when an opportunity arose for the organization to help a Greater Hazleton food processing company maintain its trailer parking location, which is a vital component of their business.
Bimbo Bakeries, which manufactures and distributes freshly made bread products from its Valmont Industrial Park facility, had been leasing additional land from a private developer, but wanted long-term assurance that the property would remain available for its trailer parking.
To assist Bimbo Bakeries, CAN DO purchased the 11-acre tract from the private owner and, in turn, leased the land directly to Bimbo, further stabilizing their operations.
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.