Reading, PA – The Greater Berks Development Fund (GBDF), affiliate of the Greater Reading Chamber Alliance (GRCA), announced today that the Pennsylvania Industrial Development Authority (PIDA) approved an economic development loan at its July board meeting in Harrisburg for a project in Richmond Township.
PIDA’s $400,000 loan will assist Michael and Melissa Burkholder in the acquisition of an approximately 95-acre farm on the Fleetwood-Lyons Road that will be used for corn, wheat, and soybean production. The GBDF also assisted the Burkholders in 2013 with a PIDA loan for the acquisition of their current 57-acre home farm that includes four hog-finishing barns and cropping operations.
“Assisting local family owned farms is one of the key goals for PIDA’s agricultural lending portfolio,” said Christopher Witmer, GRCA director of project development. “PIDA’s low interest rate and its ability to provide subordinated mortgage debt are cornerstones of the benefits for borrowers.”
PIDA is a state authority established in 1956 and is managed by the Pennsylvania Department of Community and Economic Development. The GBDF is the Certified Economic Development Organization for Berks County.
Since 2005, GBDF has assisted 58 Berks County farm projects with over $15,400,000 in agriculture PIDA loans.
For more information regarding project financing available through the GRCA, call Chris Witmer at 610-898-7794 or send him an email at [email protected].