PA Department of Community and Economic Development (DCED) Acting Secretary Rick Siger recently announced two new loans totaling $350,000 for two minority-owned businesses in Bucks County.
This funding, approved through the Pennsylvania Minority Business Development Authority (PMBDA), builds on Governor Josh Shapiro’s commitment to spurring economic development and helping small businesses grow across Pennsylvania.
FairyGene, Inc., was approved for a $250,000 loan to help finance the expansion of its business by purchasing machinery and equipment to improve production and increase workforce.
The company, which provides turnkey service for skincare, haircare, and body care products, will create four new full-time jobs and retain three full-time employees within three years.
Numa Foods, LLC, was approved for a $100,000 loan to finance the final phase of the installation of its heavy-duty automated equipment to increase its production capacity, sales, and workforce.
The company, which produces all-natural, healthier candies and snacks consisting of taffy and peanut inspired by traditional Asian recipes, will create one new full-time job and retain two full-time employees.
“Growing Pennsylvania’s economy and creating thriving communities are top priorities of the Shapiro Administration,” said Acting Secretary Siger. “Providing resources to minority-owned businesses to help them grow and succeed is key to creating a strong economy in our Commonwealth. The loans approved today through the PMBDA will help make this happen.”
Established in 1974, the PMBDA administers low-interest loan financing to businesses owned and operated by ethnic minorities, to stimulate job creation and entrepreneurial development.
For more information about PMBDA and the Department of Community and Economic Development, visit the agency’s website, Facebook, Twitter, and LinkedIn.