Lampire labs receives PIDA loan
From Mirror staff reports
A Bedford County business has received a low-interest loan through the Pennsylvania Industrial Development Authority that will enable it to expand and hire additional employees.
Lampire Biological Labs Inc. will receive funds through the Southern Alleghenies Planning & Development Commission, Gov. Tom Wolf said.
“The PIDA loan approved today is an investment in a homegrown company that began in Pennsylvania more than 44 years ago,” Wolf said in a news release. “This funding will support Lampire Biological Labs as they hire new employees, boost their local economy and continue to grow and expand right here in the commonwealth.”
The 15-year, $1,075,000 loan at a 1.5% reset interest rate, will be used to make improvements to Lampire’s 182-acre farm facility on Clear Ridge Road as well as various smaller improvements to its 125-acre farm on Front Range Road.
Hometown Bank will also be providing a $1,075,000 loan to improve the two farms as well as make additional improvements to the company’s 157-acre farm on Cherry Lane. Lampire will provide $137,748 in equity toward the project.
The planned work includes barn restoration/upgrades, pens, electric, interior framing and painting, HVAC and improvements to an existing bank barn.
The improvements will increase the company’s operational effectiveness and will allow for expanded capacity.
Lampire, a privately held, international, biotech life science company, produces biological reagents used in the diagnostic and pharmaceutical industries.
The company has committed to creating 12 full-time jobs and retaining its 65 current jobs within three years.
Lampire has six previous PIDA loans to support the company’s growth in Pennsylvania.