2 businesses near the Bucks-Montgomery line get state aid
HORSHAM, PA – Two businesses located near the Bucks-Montgomery County line are receiving assistance from low-interest state loans.
Governor Tom Wolf announced nearly $ 2 million in funding to businesses in Bucks, Montgomery and Westmoreland counties last week. Loans are designed to help create and maintain jobs as businesses grow.
In the Township of Upper Southampton, Lenape Real Estate Partners obtained a loan of $ 423,000 over 15 years at a fixed interest rate of 2%. The loan will help the company buy and renovate a 14,705 square foot building in Upper Southampton.
The building is a condominium unit divided into three sections. It includes 6,361 square feet of office space and 8,344 square feet of light manufacturing and warehouse space.
Renovations to the property will include new bathrooms on the first and second floors, an updated entrance and two large overhead doors to improve access. The total cost of the project is just over $ 1 million, according to the governor’s office.
Lenape plans to create 25 to 30 full-time construction jobs once it is fully leased.
The loan was acquired through the Bucks County Economic Development Corporation.
In nearby Horsham, Edon Composites was approved for a 10-year, $ 1 million loan at a 1% reset rate. The loan consists of the purchase of a 58,810 square foot building on 4.7 acres in the Township of Horsham.
Edon Composits manufactures fiberglass architectural products and has rented the building for years. She agreed to buy it from the current owners for a total price of around $ 2.6 million and pledged to keep 45 full-time workers at the site.
“The funding approved today will have a significant impact on communities on both sides of the Commonwealth – providing local businesses with the support they need to grow their operations and create jobs,” Wolf said when announcing the ready. “The targeted investments we make in projects like these help our businesses and communities and position Pennsylvania as the best place to live and work.”