RIDC can assist companies with the available financing programs through local, state, and federal entities. RIDC has a long track-record of gaining public funding for projects that help our economy grow jobs. Financing is available for environmental assessment & remediation, infrastructure construction, building construction, equipment, and working capital. RIDC can also assist companies with low interest financing available through the Pennsylvania Industrial Development Authority (PIDA). RIDC also helps companies finance tenant improvements.
For more information about the PIDA program, please click here.
For more information about other State financing programs, go to NewPa.com
Tsudis Chocolates (now TruFood Manufacturing)
After leasing a 97,500 sq ft building in the RIDC Industrial Park for ten years and growing from a company of 35 employees to 200, Tsudis Chocolates decided to purchase their building to allow for increased production expansion. In the past three years, the Pittsburgh-based company had entered into the nutritional product market, changed their name to TruFood Manufacturing, and doubled sales and employment.
RIDC supported their expansion by sponsoring a low-interest $1.56 million PIDA loan for their acquisition, expansion, and production. RIDC is proud to have joined with our State partners in supporting TruFood Manufacturing. The company looks to grow further over the next few years and is a true regional success story.
Precision Therapeutics (now Helomics)
RIDC helped Precision Therapeutics finance its high-tech lab in the Chocolate Factory in Lawrenceville. Utilizing a PIDA loan and a Strategic Investment Fund (SIF) loan, RIDC financed over $3 million for their tenant improvement work to create a state-of-the-art lab for their cancer research. Precision is a leading life-science company based in Pittsburgh, offers products developed to help guide physicians and patients with difficult clinical decisions throughout the cancer care continuum.
In 2014 RIDC started building out the former Heppenstall building, which is a 30,000 square-foot former industrial high-bay facility. The building is now a state-of-the-art space for Carnegie Robotics, a spin-out of the nearby Carnegie Robotics National Center (NREC). Much of the build-out, which totaled $3 million, was financed and managed by RIDC. The space features mezzanine office as well as manufacturing space.