HARRISBURG, Pa. — The Cumberland Area Economic Development Corp. has been awarded a low-interest loan on behalf of Classic Drycleaners and Laundromats for the latter to buy and install new laundry equipment in three of its nine locations, according to the Pennsylvania Department of Community and Economic Development (DCED).
Through the Pennsylvania Industrial Authority (PIDA) program, the business will receive a $100,000, eight-year loan at a 2% fixed rate to assist in purchasing and installing 32 high-efficiency top-loading washers and five high-efficiency shirt washers at its stores in East Pennsboro Township, Mechanicsburg Borough and Carlisle Borough.
Total project cost is projected to be $152,387.
Classic’s loan was one of seven PIDA loans approved statewide in January, totaling more than $3.7 million.
“The loans approved over the last month show that the collaborative efforts of the public and private sectors can render progress and development,” says Dennis Davin, DCED secretary. “This momentum along with the competitive rates still being offered through PIDA will continue to develop the climate necessary for businesses to succeed all over Pennsylvania.”
PIDA provides capital for building acquisition, construction and renovation work, machinery and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish headquarters in the state.
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