HARRISBURG, Pa., May 14, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that Custom Milling and Consulting, Inc. will move forward with an expansion project that is projected to support the creation of 12 jobs and the retention of 35 positions in Berks County.
"Job creation is a top priority of my administration and supporting Pennsylvania's manufacturers is a key to our success," Corbett said. "Our support of Custom Milling's expansion will result in new job creation in the region – and because it's a loan, the funding will be paid back to the commonwealth and reinvested in more job creation projects."
Custom Milling and Consulting, a custom milling manufacturer for various industrial applications, will purchase 3.8 acres adjacent to the company's existing campus to construct a 33,600-square-foot facility in Maidencreek Township. The company will invest more than $2.9 million in the project that is projected to create 12 new jobs and retain 35 existing employees.
The Pennsylvania Industrial Development Authority (PIDA) will provide a $1,645,000, 15-year low-interest loan at 1.5 percent to the Greater Berks Development Corporation on behalf of Custom Milling and Consulting.
To address a key recommendation of the Governor's Manufacturing Advisory Council, the Corbett administration 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.
"Keeping a commitment to maintain fiscal stability and enact pro-growth policies has sent a strong message that Pennsylvania is serious about job creation," Corbett said. "As a result, more than 110,000 private sector jobs have been created and our labor force has grown by 100,000 to more than 6.5 million."
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: Edward Jordan, 717-783-1132
SOURCE Pennsylvania Office of the Governor