HARRISBURG, Pa., May 1, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that Alternate Heating Systems LLC (AHS) will move forward with an expansion project that is projected to support the creation of 19 jobs and the retention of 35 positions in Franklin County.
"Companies like AHS are investing in our communities and employing Pennsylvanians and my administration is proud to support the growth of these businesses," Corbett said. "As a result of this expansion project, new jobs are coming to Franklin County."
AHS, a manufacturer of wood, coal and waste oil boilers, heaters and furnaces, will acquire an existing 80,000-square-foot facility in Chambersburg Borough. The company will invest a total of $3.7 million in the project that is projected to create 19 new jobs and retain 35 existing employees.
The Pennsylvania Industrial Development Authority (PIDA) will provide a $1.85 million, 15-year low-interest loan at 1.5 percent to the Franklin Area Development Corporation on behalf of AHS.
To address a key recommendation of the Governor's Manufacturing Advisory Council (GMAC), the Department of Community and Economic Development reduced the interest rates of five business loan programs, including the PIDA. The rates were reduced from 2.75 percent to 1.5 percent and fees charged to borrowers were waived. The new rates for PIDA applications expired March 31. The reduced rates for the additional four programs were extended and are in place for applications received through June 30.
"My administration's action to address this key GMAC recommendation has sent a strong message to the business community that we are serious about job creation," Corbett said. "The commonwealth's financing support has opened the door for AHS to obtain the additional private sector capital needed to move this project forward."
In 2013, PIDA has approved $26.4 million in low-interest loans that have resulted in $53.2 million in private investment and supported 8,389 jobs.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
For more information about the Department of Community and Economic Development and other job creation initiatives in Pennsylvania, visit www.newPA.com, follow us on twitter @newPAnews, or call 1-866-466-3972.
Media contact: Lyndsay Frank, 717-783-1132
SOURCE Pennsylvania Office of the Governor