Falls Manufacturer Receives $1.6M Loan

The Pennsylvania Industrial Development Authority (PIDA) has approved a business loan to a Bucks County manufacturer.

According to a release, Gelest Inc., a manufacturer of silicone and organic metallic materials for use in industrial applications, will receive a 15-year loan at 3.5 percent to acquire and renovate a 152,800-square-foot building in Falls Township.

The company will transfer its packing operations and raw material storage to the new facility.

Sponsored by the Bucks County Economic Development Corporation, Gelest will retain its existing 80 employees and create an additional 15 jobs within the next three years. The total cost of the project is $4.5 million.

“Providing capital through low-interest loans to assist companies with site development and building acquisition is a sound investment for the commonwealth,” Department of Community and Economic Development Secretary C. Alan Walker said. “Our latest investments through PIDA will provide critical resources for continued growth and job creation across Pennsylvania.”

The Gelest loan was part of nearly $4.5 million in low-interest loans for projects that will support 247 new jobs in Pennsylvania. The other projects were in Beaver and Northampton counties.

According to the release, PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.