The Greater Berks Development Fund (GBDF), an affiliate of the Greater Reading Chamber Alliance (GRCA), is pleased to announce that it has secured a $2,000,000 Pennsylvania Industrial Development Authority (PIDA) loan for BRM Real Estate LLC (BRM), Bally, Pa., a real estate holding company related to Bally Ribbon Mills, Inc. GBDF, Berks County’s only Certified Economic Development Organization (CEDO), facilitated the PIDA loan in conjunction with funding provided by Truist Bank.
BRM was formed to purchase a 126,884-square-foot unit, which Bally Ribbon had been leasing. Bally Ribbon currently owns various pieces of real estate on its campus but had leased its primary warehouse facility from an unrelated party.
Bally Ribbon has been in operation since 1923 and has been involved in the design, development and the manufacturing of highly specialized engineered woven webbing, tapes and specialty fabrics. These products are designed for aerospace, defense, medical, safety, automotive, commercial and industrial applications. Its rich history and constant research and technological advancements have positioned Bally Ribbon as an industry leader in the manufacture of specialty textiles.
“We are pleased to be able to assist BRM Real Estate LLC in its acquisition and to help a manufacturer continue its growth in Berks County,” said Kayla Hayick, Director of Lending & Business Outreach, GRCA.
To underscore the strategic importance of the acquisition and its long-term impact on operations, BRM leadership emphasized how the financing structure supports the company’s continued efficiency and growth.
“This was an important project for BRM Real Estate LLC to undertake and will allow Bally Ribbon Mills, Inc. to operate more efficiently. The PIDA loan’s attractive interest rate provided a critical piece of the financing structure,” said Mark Harries, President of Bally Ribbon.
For more information on the PIDA loan program, please contact Hayick at khayick@greaterreading.org or 610.698.2703.