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PA State Investments Help Poultry, Pig Producers

by 5m Editor
17 September 2010, at 12:18a.m.

PENNSYLVANIA, US - The Commonwealth Financing Authority has approved nearly $6.3 million in low-interest loans that will help farmers and tourism-related businesses across the state expand, purchase new equipment and build new facilities that will improve their operations.

The CFA-approved state investments in Pennsylvania's two largest industries – agriculture and tourism – include nearly $4.2 million in loans and $654,000 in loan guarantees. Another $1.4 million loan was approved through the state's Building PA programme to renovate an existing building in Allegheny County that will then be marketed to industrial companies.

Overall, the state's investment will benefit 15 different projects and leverage more than $9.1 million in private support.

"These investments demonstrate the commonwealth's continued commitment to support two of our largest industries: agriculture and tourism," said Department of Community and Economic Development Secretary, Austin Burke. "Today's investments will encourage job growth, and business development and expansion in rural communities."

Most of the approved funding comes from the state's First Industries programme, which provides loans, loan guarantees and grants to strengthen the state's agriculture and tourism industries.

Among the approvals are a $155,000 First Industries agriculture loan for the construction of a $310,000 broiler house in Manheim, a $302,318 First Industries machinery and equipment loan toward the $604,636 purchase of new equipment for the renovation and installation of broiler houses in Lebanon, an 80 per cent First Industries guarantee on a $154,000 loan from AgChoice Farm Credit to finance the construction of a poultry layer barn and a 90 per cent First Industries guarantee on a $500,000 loan from AgChoice Farm Credit for the construction of a 78-foot × 201-foot, 4,800-head nursery pig barn.