Firm or Soft? State aid for Bucks tofu factory
Jadeite will make more tofu 'than any other U.S. co. E of Mississippi'
The Pennsylvania Industrial Development Authority has agreed to lend $1.2 million, at subsidized interest rates, so Bucks County Economic Development Corp. can help Jadeite Foods LLC build a new $4.55 million tofu factory in Bensalem that will enable the company "to produce higher volumes of tofu products than any other U.S. company east of the Mississippi," the state Department of Community and Economic Development promises, while creating 24 jobs. The claim that Jadeite could become the biggest eastern U.S. tofu-maker "was pulled from Jadeite's loan application," state spokesman Dan Carrigan told me.
The deal includes an $800,000, 15-year, 2.25% loan to help buy the facility, and a $400,000, 7-year, 3% loan for tofu machinery and equipment. "The company will market its products mainly to Chinese supermarkets and restraint distribution centers," DCED adds." We hope they mean "restaurant," since our limited imaginations don't understand tofu's use as a restraint; unless maybe metaphorically... Jadeite has a smaller factory five miles away.
PIDA also plans to lend $400,000, for 15 years, at 3 percent, so Shades of Green, Inc. can buy a 110,000 sf Falls Township building "to expand its growing green recycling operation and accept more green waste, which is processed into mulch." Shades has a smaller site five miles away. The move will cost $3.25 million in all and add 2 new jobs to 9 current positions.
The state also approved loans for Harmony Mountain Labels Inc., East Stroudsburg, and Prizer-Painter Stove Works, Maidencreek Township, Berks County.