BETHLEHEM, Pa. – Senator Lisa Boscola announced Thursday that CryoConcepts, LP, a Northampton County business, was approved for a $249,411 low-interest loan through the Pennsylvania Industrial Development Authority (PIDA) that will create 24 new, full-time jobs within three years and retain 59 positions.
“CryoConcepts has a three-decade long history of setting the standard for all things Cryo and this funding will allow this Forks Township manufacture to create additional manufacturing jobs helping to further expand our region’s economy,” Boscola stated. “PIDA is one of Pennsylvania’s most successful economic development programs and this loan will also allow CryoConcepts to retain 59 jobs.”
CryoConcepts, located at 1100 Conroy Place in Forks Township, will use the loan to purchase several pieces of machinery and equipment that will enable the company to meet the increased demand for products being produced at its facility, according to the news release.
Officials say that the company is a developer, manufacturer, marketer, and seller of a variety of cryosurgical and esthetic products and is known for pioneering advancements in cryo-based products for markets including Over-the-Counter (OTC), physician offices, medical & day spas, and veterinarian practices.
The PIDA funding through the Lehigh Valley Economic Investment Corporation, was approved for a 10-year $249,411 loan at a 2.5 percent fixed interest rate, according to the news release.
The total project cost is $1,117,737. With the goal of creating and retaining full-time jobs, PIDA offers low interest loans and lines of credit to Pennsylvania businesses.