Lampire Biological Laboratories Continues to Invest in Bedford County with Farm Expansion and Job Creation
Governor Tom Wolf has announced that the Pennsylvania Industrial Development Authority (PIDA) approved a loan for Lampire Biological Laboratories at its January 5, 2022 meeting. The loan will support the growth of Lampire in Bedford County.
“The PIDA loan approved today is an investment in a homegrown company that began in Pennsylvania more than 44 years ago,” said Gov. Wolf. “This funding will support Lampire Biological Laboratories as they hire new employees, boost their local economy, and continue to grow and expand right here in the commonwealth.”
In partnership with Bedford County Development Association (BCDA), Southern Alleghenies Planning & Development Commission (SAP&DC) and Hometown Bank, Lampire Biological Laboratories is investing nearly $2.4 million for improvements to its Bedford County farms located on Clear Ridge Road, Cherry Lane as well as various smaller improvements to its farm on Front Range Road.
PIDA approved a 15-year, $1,075,000 loan at a 1.5 perfect reset interest rate. Hometown Bank will be providing a $1,075,000 loan and the company will inject $137,748 in equity.
The improvements consist of barn restoration/upgrades, pens, electric, interior framing and painting, HVAC, and improvements to existing bank barn. These improvements will increase the company’s operational effectiveness and will allow for expanded capacity. The company has committed to creating 12 full-time jobs and retaining 65 current jobs within three years.
Founded by Gregory F. Krug in 1977 in eastern PA, Lampire expanded to Bedford County more than 30 years ago when he purchased a 125-acre farm. “We found Bedford County to have vast agricultural land available and a great infrastructure, including road systems,” he notes.
Krug, the president of Lampire, also found a knowledgeable workforce, financing programs and a strong level of support from BCDA, county commissioners and other groups. Early on, BCDA president and CEO Bette Slayton personally introduced him to state officials, who after listening to Krug’s story, approved the economic incentives he needed.
Currently the company has over 600 acres at its Everett Farm Campus and an 18,000 sq. ft. state-of-the-art Everett Bioprocessing Laboratory.
“Of the three counties in which Lampire has facilities,” Krug says, “Bedford is the fastest and largest growing of our sites.”
“It’s gratifying when people come to Bedford County and say it’s so much easier to do business here,’” James Gonsman, BCDA board chair says. “I think it’s a combination of good programs, a spirit of cooperation and Bedford County’s can-do culture.”
“To have an international biotech life science company in our backyard is amazing. We truly appreciate Greg’s commitment to continued growth in Bedford County. Lampire has diversified our economic base and made a significant impact on our community,” noted Bette Slayton, BCDA.
Over the past two years, working in conjunction with BCDA, SAP&DC has approved nearly $4 million in low interest loans for Bedford County businesses, farmers, and entrepreneurs.