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Josephs and O'Brien: local business receives low-cost loan

HARRISBURG, July 12 – State Reps. Babette Josephs and Michael O'Brien, both D-Phila., announced that Thomas Jefferson University Health System has been awarded a $100 million tax-exempt bond from the Pennsylvania Economic Development Financing Authority.

TJUH System will make improvements to its locations at 111 S.11th St. and 900 Walnut, both in the city of Philadelphia, with the bond.

"This low-interest loan will be great for Thomas Jefferson University Health System," Josephs said. "People all across Philadelphia benefit from the health care it provides and this will only improve its services."

The bond will finance rehabilitation, modernization, furnishing and equipping of the sites, as well as allowing for miscellaneous capital building improvements.

"It is important to keep our facilities up to date," O'Brien said. "This bond issuance is how the Commonwealth can fund enhancing TJUH's buildings as well as updating equipment that will serve everyone better.

O'Brien, who was involved in a near-fatal car accident in 1993 and admitted to Jefferson for 31 days, said, "I have firsthand knowledge of the wonders of Jefferson -- thanks to them I have an arm and a leg that would have been amputated anyplace else."

The PEDFA program provides tax-exempt and taxable bonds to be used by companies to finance land acquisition, construction, equipment, working capital and re-financings. All types of businesses needing access to low-cost capital are eligible to apply.

For more information about the program, visit the PEDFA Web site at www.newpa.com.