GRCA Receives Two PIDA Loans for Industrial Park Development
FOR IMMEDIATE RELEASE
The Greater Reading Chamber Alliance Receives Two PIDA Loans for Industrial Park Development
Reading, PA – The Greater Reading Chamber Alliance (GRCA) today announced that the Pennsylvania Industrial Development Authority (PIDA) funded two loans of $2,250,000 each for the purchase and development of 122 +/- acres in Ontelaunee Township for an industrial park at the southeast intersection of Routes 61 and 73.
The land was purchased to address the community’s need for more shovel-ready industrial sites. It will be developed for industrial buildings of varying sizes. The PIDA funding assisted with the acquisition of two parcels.
Mid Penn Bank, with four locations in Berks County, provided financing for both loans. Joseph N. Butto, Mid Penn Bank Regional President, said the bank is open to these kinds of financing deals, which spur local economic and business growth.
GRCA Board Chairman Dan Langdon said he not only appreciated the work and support of Mid Penn Bank, but also Ontelaunee Township. “Ontelaunee Township has welcomed this kind of development with open arms, and they have made it a painless process. We look forward to building a great relationship with this municipality.”
This investment follows the acquisition and development of 22 acres by GRCA at the northwest corner of Routes 61 and 73, home to the recently opened Rutter’s facility.
Since its formation in 2017, GRCA has provided financing for more than $18M in business loans and has prepared more than 240 acres of land for industrial and commercial development throughout Greater Berks. For more information regarding unique project financing available through the GRCA, contact Deb Millman 610-898-7798 or firstname.lastname@example.org.