Governor Tom Wolf today announced new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) which will support the growth of Lampire Biological Labs, Inc. in Bedford County.
âThe PIDA loan approved today is an investment in a local business that began in Pennsylvania over 44 years ago,â Governor Wolf said. “This funding will support Lampire Biological Labs as they hire new employees, boost their local economy, and continue to grow and develop right here in the Commonwealth.”
In 2021, PIDA approved $ 50,600,557 of low-interest loans that resulted in $ 119,192,822 in private investment and supported 1,991 full-time jobs created and maintained.
Lampire Biological Labs, Inc., through the Southern Alleghenies Planning & Development Commission, has been approved for a 15-year loan of $ 1,075,000 at a reset interest rate of 1.5% to help improve his 182 acre farm facility on Clear Ridge Road as well as various smaller improvements to his 125 acre farm on Front Range Road.
Hometown Bank will also provide a loan of $ 1,075,000 and its funds will be used to improve the two farms described above as well as additional improvements to the company’s 157-acre farm on Cherry Lane. Lampire will provide $ 137,748 in equity for the entire project.
Upgrades include restoration / upgrading of the barn, paddocks, electrical, interior framing and painting, HVAC and improvements to the existing bank barn. The improvements will increase the operational efficiency of the business and enable increased capacity. The company has pledged to create 12 full-time jobs and maintain its current 65 jobs within three years.
Lampire, through the Southern Alleghenies Planning & Development Commission, Bedford County Development Association and Lehigh Valley Economic Investment Corporation, has already made six PIDA loans to support the company’s growth in Pennsylvania.