State OKs Loan Guarantee for Bucks County Hotel

On July 12, the Commonwealth Financing Authority (CFA) approved $832,275 in loans and $3.50 million in loan guarantees for nine projects, which will result in nearly $12.5 million in additional private economic investments.

According to a release, one of the nine projects is located in Bucks County.

Bhavi Hotel, LLC received a 36 percent First Industries Tourism guarantee on two loans totaling $6.9 million from 1st Constitution Bank, to help finance the construction of a new hotel facility in Warrington.

“In the current economy, securing capital for development and expansion has not been easy for small businesses,” Department of Community and Economic Development Secretary C. Alan Walker said. “The state investments made through the First Industries program provide low interest loans, loan guarantees and grants to agriculture and tourism-related businesses to assist with business promotion and expansion.”

In addition to the Bucks County hotel, the approved loans and loan guarantees will support other projects in Adams, Clearfield, Franklin, Huntingdon, Lancaster, Mifflin and Snyder counties.

The First Industries program provides loans, loan guarantees and grants to strengthen Pennsylvania’s agriculture and tourism industries by encouraging rural economic development and job creation.

For more information about economic development initiatives in Pennsylvania, visit newpa.com.