Shapiro Administration Invests $200,000 in New PIDA Loan to Spur Tourism and Business Growth in Elk County

PIDA has approved $11,428,160 in low interest loans that have resulted in $19,854,839 in private investment and supported 387 created and retained full-time jobs across PA in 2024 so far.

Tourism is one of the largest industries in Pennsylvania, and Governor Shapiro has proposed an $18 million increase in his 2024-25 budget to boost tourism and business marketing efforts.

Harrisburg, PA - Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of one new low-interest $200,000 loan through the Pennsylvania Industrial Development Authority (PIDA) to support tourism, business expansion, and boost the economy in Elk County.

The newly approved loan builds upon Governor Josh Shapiro's commitment to create a stronger economy across Pennsylvania. Since 2023, PIDA has approved more than $56 million in low interest loans that have resulted in more than $165 million in private investment and created and retained over 1,520 full-time jobs.

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

"Tourism is one of the largest industries in Pennsylvania generating over $76 billion a year and supporting more than 486,000 jobs," said Secretary Rick Siger. "The PIDA loan approved today will boost tourism in the heart of the Pennsylvania Wilds in Elk County and attract tourists from across the nation to this majestic region. The Shapiro Administration is working to transform Pennsylvania into an economic powerhouse and PIDA loans like this one give small businesses the tools to help make that happen."

Wapiti Woods Lodge, LLC, through the North Central PA Regional Planning & Development Commission, was approved for a fifteen-year $200,000 loan at a 4.00-percent reset interest rate to help to assist with site improvements and construction of a lodge that will feature four bedrooms with a sleeping capacity for eight adults, 2.5 bathrooms, a full kitchen, laundry facilities, indoor and outdoor fireplaces, and extensive outdoor seating. This new lodge addresses an existing demand in the market for larger accommodations capable of hosting sizable groups which is currently unfulfilled by Wapiti Woods, LLC, and its ten cabins. The total project cost is $431,950.

Tourism is one of the largest industries in Pennsylvania, generating over $76 billion a year and supporting more than 486,000 jobs. Investing in tourism is a key component of the Governor's economic development strategy - and the Governor proposed an $18 million increase in his 2024-25 budget to boost tourism and business marketing efforts. The Governor's 2024-25 budget also calls for significant investments directly tied back to the Commonwealth's ten-year economic development strategy and issues a strong call to action for partners across all sectors to join in with their support.

Other proposed economic development investments in the Governor's budget include: $500 million in PA SITES funding to bring more commercial and industrial sites to Pennsylvania; $25 million for the Main Street Matters program to support small businesses and commercial corridors in communities across our Commonwealth; $20 million to support large-scale innovation and leverage Pennsylvania's best-in-class research and development assets; and $3.5 million to create and launch the Pennsylvania Regional Economic Competitiveness Challenge to incentivize regional growth.

You can read Pennsylvania's first economic development strategy in 20 years online. For more information on how the Governor's proposed budget will create opportunity for all Pennsylvanians, visit Shapiro's Budget website.

For more information about the Pennsylvania Industrial Development Authority or the Department of Community and Economic Development, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.

MEDIA CONTACT:
Governor's Office, [email protected], 717.783.1116
Penny Ickes, DCED, [email protected]

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