Local business to benefit from low-interest state loan
HARRISBURG, Feb. 6 – State Rep. Gerald Mullery, D-Luzerne, announced today a new low-interest loan approval through the Pennsylvania Industrial Development Authority for a local business in Luzerne County.
American Paper Bag, located in Sugar Notch, was approved for a $1.4 million, 10-year loan at a 3.75 percent interest rate. A manufacturer of paper shopping bags and mailers, the loan will allow the business to expand and purchase equipment, including two bag production machines and one flex printer.
“I am happy to see assistance coming to a quality business here in Luzerne County,” Mullery said. “When investments are made in local businesses, family-sustaining jobs are created, benefiting our whole community. I look forward to seeing how this loan will further the success of American Paper Bag.”
American Paper Bag was one of three recipients approved for a loan. The project will enable a new printing process to offer clients an enhanced variety of shapes, sizes and designs for products, and is expected to create 38 full-time jobs in three years.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The authority provides capital for building acquisition, construction and renovation work, machinery and equipment loans, along with working capital lines of credit, primarily for manufacturers, industrial developers, research and development firms, agricultural processors, and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.