Shapiro Administration Invests $750,000 Through New PIDA Loan to Spur Business Growth and Job Creation in Erie County

The project supported by this loan through the Pennsylvania Industrial Development Authority (PIDA) will inject more than $1.7 million into the economy, create two new jobs, and retain eight existing positions.

Since the Shapiro Administration took office in 2023, PIDA has approved $179,722,614 in low-interest loans that have resulted in $472,992,510 in private investment, the creation of 1,571 full-time jobs, and the retention of 2,808 existing jobs.

Harrisburg, PA - Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced the approval of more $750,000 in a new, low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) to help support business growth in Erie County. This project will inject more than $1.7 million into the local economy, create two new, full-time jobs, and retain eight existing jobs.

Governor Josh Shapiro is making Pennsylvania an economic development leader by investing in growing businesses, supporting manufacturing and other key industries, and creating real opportunities for Pennsylvanians.

Since 2023 under the Shapiro Administration, PIDA has approved $179,722,614 in low-interest loans that have resulted in $472,992,510 in private investment, the creation of 1,571 full-time jobs, and the retention of 2,808 existing jobs.

"Through PIDA, we're helping Pennsylvania companies make the investments they need to grow, increase capacity, and stay competitive in rapidly expanding markets," said DCED Secretary Siger. "This investment in Value Flow Group will support manufacturing in Erie County, strengthen a key local employer, and help position the company for continued success. Under Governor Shapiro's leadership, we're making strategic investments that leverage private capital, create economic opportunity, and ensure businesses across the Commonwealth have the tools they need to succeed."

PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.

Value Flow Group, through the Enterprise Development Center of Erie County, was approved for a seven-year, $750,000 loan at a 5.25 fixed interest rate to purchase machinery and equipment to be used at their 1015 West 18th Street facility in the City of Erie. The new equipment will double the company's capacity for physical vapor deposition (PVD) services, which is experiencing high demand. This project, which will create two new jobs and retain eight existing positions, will cost $1,702,650.

Since taking office, Governor Shapiro and his Administration have secured over $41 billion in private sector investments, creating more than 24,000 jobs. Analysis from Moody's Analytics Chief Economist Mark Zandi confirms that Pennsylvania remains the only state in the Northeast with a growing economy.

Governor Shapiro is committed to making Pennsylvania an economic development leader ― his 2026-27 state budget proposal continues to focus on boosting the Commonwealth's economic potential and growing the economy.

For more information about PIDA or DCED, visit the agency's website, Facebook, X, and LinkedIn.

MEDIA CONTACT: Penny Ickes, [email protected]