HARRISBURG, Pa., May 4, 2011 /PRNewswire-USNewswire/ -- The Pennsylvania Industrial Development Authority (PIDA) has approved more than $2.6 million in low-interest loans for projects that will create at least 80 new jobs in Franklin, Elk and Clearfield counties.
"Providing capital to assist businesses with site development and land and building acquisition is a sound investment for the commonwealth," Department of Community and Economic Development Secretary C. Alan Walker said. "The low-interest loans approved today through PIDA will help three companies expand business operations and create 80 new jobs."
The PIDA board approved the following projects today:
- Alternate Heating Systems LLC, a manufacturer of wood, coal and waste-oil boilers, heaters and furnaces, will receive a $1.5 million, 15-year loan at 3.25 percent to acquire an existing building in Chambersburg Borough. The approved project will create and retain more than 50 jobs in Franklin County and leverage $1 million in private investment. The project is being sponsored by the Franklin County Area Development Corporation.
- Clearfield Metal Technologies Inc., a manufacturer of powdered metal products, will receive a $567,849, 15-year loan at 3.25 percent to acquire and renovate an existing building in Lawrence Township. The total project cost is $822,370 and will allow this startup company acquire and renovate a 53,132-square-foot facility and create 28 jobs within the next three years. The Clearfield County Economic Development Corporation is the sponsoring agency.
- North Central Enterprises Inc., on behalf of P/M National Inc., will receive a $574,000, 15-year loan at 3.25 percent to expand an existing building in St. Marys. The total cost of the project is $820,000 and will allow the company to complete a 28,120-square-foot building addition to increase its manufacturing and office space. P/M National, a manufacturer of powdered metal products, will retain its 16 existing employees and create an additional 10 jobs within the next three years.
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 economic development initiatives in Pennsylvania, call 1-866-466-3972 or visit www.newpa.com.
Media contact: Theresa Elliott, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development