New Low-Interest Loan Awarded to Support Business Expansion, Job Creation in Bedford County

New Low-Interest Loan Awarded to Support Business Expansion, Job Creation in Bedford County
Written by Publishing Team

Today, Governor Tom Wolfe announced a new approval of a low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) that will support the growth of Lampire Biological Labs, Inc. in Bedford County.

“The PIDA loan approved today is an investment in a local business that began in Pennsylvania over 44 years ago,” said Governor Wolff. “This funding will support Lampaire Biological Laboratories as they hire new staff, boost their local economy, and continue to grow and expand here in the Commonwealth.”

In 2021, the General Authority for International Development approved $50,600,557 low-interest loans that resulted in $119,192,822 in private investment, supporting and retaining 1,991 full-time jobs.

Lampire Biological Labs, Inc. is approved. , through the Southern Alleghenies Planning and Development Committee, for a 15-year loan of $1,075,000 at a 1.5 percent reset interest rate to help improve the 182-acre farm facility on Clear Ridge Road as well as several smaller improvements for her 125-acre farm on Front Range Road.

Hometown Bank will also provide a $1,075,000 loan and their money will be used to improve the two ranches described above as well as additional improvements to the company’s 157-acre farm in Cherry Lane. Lampere will provide $137,748 in equity for the entire project.

Improvements consist of barn restoration/upgrades, pens, electrical, interior framing and paint, HVAC, and improvements to the existing bank barn. The improvements will increase the company’s operational effectiveness and allow for capacity expansion. The company committed to creating 12 full-time jobs and maintaining 65 existing jobs within three years.

Lambert, through the Southern Allegian’s Planning and Development Commission, the Bedford County Development Association, and the Lehigh Valley Economic Investment Corporation, has six previous loans from PIDA to support the company’s growth in Pennsylvania.

For more information about PIDA and other economic development programs, visit the website of the Department of Economic and Social Development.

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