Stack Praises Low-Interest Loan for Philly Business

State Sen. Mike Stack today praised a Northeast Philadelphia business for its commitment to local redevelopment and winning a low-interest loan from the state.

Printfly Corporation, a custom printing, embroidery and screen shop will to acquire and renovate a new site in the Byberry East Industrial Park, creating 53 new jobs.

“The competition for financial help from the state is fierce and Printfly has shown its commitment to helping improve the local economy,” Stack said.

The Pennsylvania Industrial Development Authority (PIDA) recently approved the $1,440,000 loan for Printfly to acquire an existing building in the industrial park, approximately two miles away from its current location. The project will cost more than $3.7 million and the company will retain 116 jobs in the area while creating dozens more.

PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

In 2014, PIDA has approved $47,699,018 million in low-interest loans that have resulted in $115,379,993 million in private investment and supported 3,043 jobs.

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, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.

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