Wolf Approves $627K Low-Interest Loan For Bucks Co. Business

BRISTOL, PA — Gov. Tom Wolf announced Wednesday that the Pennsylvania Industrial Development Authority approved low-interest loans to four businesses, including one in Bucks County.

The loans aim to help expand operations, better serve consumers, and create and retain jobs, according to a news release.

701 Canal St LLC, through the Bucks County Economic Development Corporation, was approved for a 15-year, $627,600 loan at a 2.5 percent fixed rate. The loan will finance purchasing a 41,792 square ft. multi-tenant facility in Bristol Borough. The total project cost is $1,600,000.

The building is divided into eleven units, with each tenant space varying from 650 square ft. to 5,034 square ft. Currently, there are nine tenants occupying the facility, eight of which use their space for light manufacturing, warehousing, and distribution.

“PIDA funding is an incredible tool for growing businesses in Pennsylvania that are taking the next critical steps to advance capabilities and ensure they can continue to reliably serve consumers,” said Gov. Wolf. “These affordable resources are invaluable as businesses expand and play a major role in my administration’s commitment to supporting and growing the state’s economy and workforce.”

In 2021, PIDA has approved $38,577,782 in low-interest loans that have resulted in $91,045,930 in private investment and supported 1,592 created and retained full-time jobs, according to the news release.

Gov. Wolf also approved funding for businesses in Beaver, Blair, and Chester counties.

More information about Pennsylvania Industrial Development Authority initiatives is available online.

Stay informed about what’s going on in Bucks County, or in your local area. Sign up for Patch emails and don't miss a minute of local and state news.