CryoConcepts and Tri-City Marble have received state loans through the Pennsylvania Industrial Development Authority to purchase equipment and property that will strengthen their operations and accommodate growth.
The loans were processed through the Lehigh Valley Economic Investment Corporation, a state certified loan organization that Lehigh Valley Economic Development Corporation (LVEDC) provides administrative services to.
PIDA is one of several financing programs LVEDC administers to assist businesses with growth and expansion.
"Access to capital is often one of the most important factors in a company's ability to grow. Through programs like PIDA, we help businesses secure financing that strengthens their operations, creates jobs, and supports the continued growth of both the company and the Lehigh Valley economy," said Jennifer Weighknecht, LVEDC’s Director of Economic Development Finance.
CryoConcepts, which develops and manufactures cryosurgery and cryotherapeutic products used by medical professionals and consumers, received a loan of about $250,000 to purchase machinery and equipment for its location in Forks Township. 
The project will create 24 new full-time jobs within three years and retain 59 positions.
“We are thankful for the help the state provides to companies such as CryoConcepts that are growing businesses here in the commonwealth. The PIDA loan will greatly help us invest in the equipment and jobs that expand our over-the-counter and prescription medical devices to more countries around the globe,” said CEO R. Sam Niedbala.
CryoConcepts was the first company to gain FDA clearance for an at-home cryo treatment for skin tags.
The company’s products are used to treat or remove skin tags, age spots, warts, sun spots, and other lesions on people and animals. Products are sold under several brands including Skin Clinic FREEZE ‘n CLEAR, CryoLab®, CryoClear®, and CryOmega®.
Tri-City Marble, which manufactures custom shower units, vanity tops, sinks, and shower walls, received a loan of $725,000 to acquire the property in Upper Macungie Township where it has been a tenant for about 40 years. The project will create two new full-time jobs within three years and retain eight positions.
The company was founded nearly 50 years ago as a manufacturer of cultured marble. Today, it offers a broad range of products for residential and commercial use, including Axelluna™, a line of lightweight honed engineered stones; Tile-EZ Shower Pan, a patented, tile-ready, leak-proof system designed to simplify installation for contractors; and a line of blended stone products, including a grout-free shower floor, seamless shower surrounds, and countertops with integral sinks.
PIDA offers low-interest loans through certified economic development corporations to businesses for land and building acquisition, construction and renovations, and equipment purchases that result in the creation or preservation of jobs.
“These new PIDA loans will help accelerate business growth, drive job creation, and build strong, sustained economic momentum,” said Rick Siger, Pennsylvania Secretary of Community and Economic Development.
(Photo courtesy of CryoConcepts)