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Wolf approves loans for five small businesses

The funding, announced May 8, was made available through the Pennsylvania Industrial Development Authority. The authority provides loans to both start-up and established businesses that intend to create and maintain full-time jobs in the state.

“The funding announced today will help these businesses grow or expand by providing capital at low interest rates, which is crucial for small businesses,” Wolf said in a statement.

In Berks County, Platinum Cafe & Lounge Inc., was approved for a $199,500, 15-year loan at a 2.5 percent reset rate.

The loan, through the Greater Berks Development Fund, facilitates the purchase of a 4,258-square-foot restaurant building in the city of Reading. The loan will assist in the startup of a Latin American restaurant.

Loans were also approved in Cumberland, Lancaster, Somerset and Wayne counties for a total of $3,228,500.

In 2019 so far, the Pennsylvania Industrial Development Authority has approved $10.3 million in low-interest loans that have resulted in $20.3 million in private investment and supported the creation and retention of 226 full-time jobs, according to Wolf’s office.

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