Low-interest loans backed by the Pennsylvania Industrial Development Authority — including one loan for a Cumberland County brewery — were announced Wednesday by Gov. Tom Wolf.
The latest round of PIDA funding covers 13 small business projects in nine counties that are projected to create and retain more than 200 jobs.
Mellow Mink Brewing, Inc. was approved for a $98,300, 10-year term loan at a 2 percent fixed rate through the Cumberland Area Economic Development Corporation. The brewery and tasting room, founded by Matt Miller and Cole Taylor, will be located at 4830 Carlisle Pike at Hampden Center in Hampden Township with a focus on “sour, funky, and farmhouse style beers” as well as lagers and IPAs.
Loan proceeds will go toward the acquisition of machinery and brewing equipment for the site at .
The project will create four full-time jobs within three years, according to Wolf’s office.
“These worthy investments will provide a formidable economic boost to a wide variety of small businesses across Pennsylvania,” Wolf said in a press release. “When we provide this fiscally responsible financial support in multiple economic sectors, from farming and manufacturing to site preparation and production, we build a brighter, more successful future for Pennsylvania’s families and their communities.”
In 2017, the PIDA approved $65 million in low-interest loans that supported $199 million in private investment and 3,268 jobs. The January 2018 loans are valued at $8.7 million and are estimated to produce more than $13.1 million in matching capital investment.