PHILADELPHIA, December 5, 2005 - State Sen. Michael Stack today announced that the Pennsylvania Industrial Development Authority (PIDA) has awarded a $375,000 loan to Wickwire to purchase and renovate a warehouse at 3300 Tulip Street.

“I am pleased that PIDA is assisting Wickwire with their expansion,” said Stack (D-Philadelphia). “Through PIDA, the state is helping keep family-sustaining jobs in Philadelphia.”

The renovation will allow the company to retain 11 full-time jobs with an average annual wage of $32,200 and create four new jobs.
PIDA provides low-interest loans to businesses for site acquisition, construction, or renovation. It targets manufacturers, industrial developers, research and development firms, agri-businesses, and employers setting up national or regional headquarters.

Projects located in Philadelphia are eligible for a 3.25 interest rate for their PIDA loan. PIDA requires that for each $35,000 loaned at least one full-time job be retained and/or created at the project site within three years after the loan.

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