2 Businesses Near Bucks-Montgomery Line Get State Help

HORSHAM, PA — Two businesses near the Bucks-Montgomery county line are getting some help from low-interest loans awarded by the state.

Gov. Tom Wolf last week announced nearly $2 million in funding to businesses in Bucks, Montgomery and Westmoreland counties. The loans are designed to help create and retain jobs as companies expand.

In Upper Southampton Township, Lenape Real Estate Partners was approved for a $423,000, 15-year loan at a fixed interest rate of 2 percent. The loan will help the company buy and renovate a 14,705-square foot building in Upper Southampton.

The building is a condominium unit divided into three sections. It includes 6,361 square feet of office space and 8,344 square feet of light manufacturing and warehouse space.

Renovations to the property will include new bathrooms on the first and second floors, an updated entrance and two large overhead doors to improve access. The total cost of the project is just over $1 million, according to the governor's office.

Lenape plans to create 25-30 full-time jobs at the building once it is fully leased.

The loan was acquired through the Bucks County Economic Development Corporation.

In nearby Horsham, Edon Composites was approved for a 10-year, $1 million loan at a 1 percent reset rate. The loan is to buy a 58,810-square-foot building on 4.7 acres in Horsham Township.

Edon Composits makes architectural fiberglass products and has been leasing the building for years. It agreed to buy it from the current owners at a total price of around $2.6 million and has committed to retaining 45 full-time workers at the site.

"The funding approved today will have a meaningful impact on communities on either side of the commonwealth — providing local businesses with the support they need to expand their operations and create jobs," Wolf said when the loans were announced. "The targeted investments we make in projects like these help our businesses and communities and position Pennsylvania as the best place to live and work."