Two Lehigh Valley Companies Receive PIDA Loans, Will Create 69 Jobs
By Colin McEvoy on November 10, 2022
Two Lehigh Valley companies have received a combined $1.2 million in low-interest loans to help grow their businesses and create jobs as the result of a loan program the Lehigh Valley Economic Development Corporation (LVEDC) helps administer.
Green Leaf Productions Inc., a multi-award winning production studio in Hanover Township, received a $945,000 loan, and the Continental Cup Company LLC, a Bethlehem-based manufacturer of high-end graphic paper cups, received a $210,000 loan.
These loans will result in the creation of 69 new jobs in the Lehigh Valley, the retention of several more, and more than $2.5 million in combined investment in the region between the two projects, according to the state.
“Especially in today’s economic time with interest rates going up, the PIDA program and LVEDC made the purchase of our building more attractive to us because of the low interest rate we were able to obtain,” said Rudy Vegilante, President & CEO of Green Leaf Productions. “Without that, our cash flow would have been affected considerably.”
Both companies received 10-year loans from the Pennsylvania Industrial Development Authority (PIDA) program. The applications were formally submitted through the Lehigh Valley Economic Investment Corporation (LVEIC), for which LVEDC provides administrative services.
PIDA, one of several financing programs LVEDC administers, offers low-interest loans through certified economic development corporations to businesses for land and building acquisition, construction and renovations and equipment purchases that result in the creation or preservation of jobs.
“My administration and I remain committed to supporting growing businesses across the commonwealth, and the PIDA loans approved today will allow these companies to grow and expand,” said Pennsylvania Gov. Tom Wolf. “Providing resources for companies to succeed in Pennsylvania is vital to our economy, our communities, and our livelihoods.”
The Continental Cup Company was approved for a 10-year $210,000 loan at a 3.75% fixed interest rate to purchase machinery and equipment, including a lid automation system, dome lid mold, die cutter and punching machine, forklifts, racking system, pumps, and more.
This equipment will be installed at their manufacturing facility located at 1920 Spillman Drive in Bethlehem. The total project cost is $491,562 and the company has committed to create 44 new full-time jobs over the next three years, while retaining 27 current employees.
“I was trying to decide between New Jersey and Pennsylvania, and it was Pennsylvania that offered me grant opportunities and the PIDA loan,” said Rick Timone, President of Continental Cup. “The PIDA loan was a very challenging process, but thanks to the support of LVEDC we got across the finish line.”
The Continental Cup Company manufactures cup products for the theater industry, quick service restaurants, convenience stores and food service distribution companies. It is located in the Lehigh Valley Industrial Park VII in Bethlehem. Timone also acknowledged LVIP President Kerry Wrobel for working so closely with the company during the COVID-19 pandemic.
Green Leaf Productions Inc. was approved for a 10-year $945,000 loan at a 3% fixed interest rate to acquire a 10,450-square-foot office building located at 161 North Commerce Way in Hanover Township.
The project site, which will be used as a full-service multimedia production facility, will provide the company with additional production space, and allow them to expand along with the larger contracts they have received.
The total project cost is $2.1 million, and Green Leaf Productions has committed to create 25 new, full-time jobs within three years, Vegilante said.
“From the start, LVEDC was very attentive to our needs and explained all about the various programs open to us,” he said. “I couldn’t have asked for a better partner to work with.”
Green Leaf Productions will be premiering a series for A&E Network called Undercover Life in January, and is working on a docu-series about hip hop producer DJ Clark Kent to be released next year for the 50th anniversary of hip hop music, Vigilante said. It will include interviews with such musicians as Jay-Z, DJ Khaled, and Mariah Carey.
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