HARRISBURG, Pa., May 7, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that Lightweight Manufacturing, Inc. will move forward with the acquisition and renovation of an existing building that is projected to support the creation of 10 jobs and the retention of 15 positions in Lehigh County.
"My administration is committed to supporting the growth of our manufacturers who are moving our economy forward and employing Pennsylvanians," Corbett said. "Commonwealth support of this expansion will enable Lightweight Manufacturing to continue growing and creating jobs in Lehigh County."
Lightweight Manufacturing, Inc., a manufacturer of fabric panels, will acquire and renovate an existing 44,500-square-foot facility in South Whitehall Township. The company will invest approximately $1.2 million in the project that is projected to create 10 new jobs and retain 15 existing employees.
The Pennsylvania Industrial Development Authority (PIDA) will provide a $720,000, 15-year low-interest loan at 1.5 percent to Lehigh Economic Advancement Project, Inc. on behalf of Lightweight Manufacturing.
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.
"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: Lyndsay Frank, 717-783-1132
SOURCE Pennsylvania Office of the Governor