Low-Interest Loans for Three Projects Attracting $4.2 Million in Private Investments
HARRISBURG, Pa., June 1 /PRNewswire-USNewswire/ -- New state investments in the form of low-interest loans that were approved today will help an auto parts manufacturer relocate to Emporium and help companies in Morrisville and Allentown expand and create new jobs, according to the Department of Community and Economic Development.
"Providing investment capital for companies wishing to relocate or expand in Pennsylvania is a solid investment for the commonwealth," DCED Deputy Secretary of Business Assistance Dee Kaplan said. "In addition to encouraging business creation, expansion and relocation, the state's commitment revitalizes vacant properties and improves the quality of life in our communities."
The Pennsylvania Industrial Development Authority approved $3.1 million for three projects today that will leverage $4.2 million in private investments.
One of the approved projects is a $540,000, 15-year loan at 3.75 percent interest to the Clearfield County Economic Development Corp. on behalf of Teutech LLC. Teutech, which develops, manufactures, fabricates and assembles parts for automotive/commercial industries, moved its plant to Pennsylvania from Alabama in 2008.
The $900,000 project will allow the company to acquire its existing building located at the former GKN Sinter Metals facility in Emporium. The company is expected to retain its 17 employees and create 43 new jobs within the next three years.
The PIDA board also approved:
- A $1.5 million, 15-year loan at 3.75 percent to Liberty Coating Co. LLC, which applies anti-corrosion coating for steel pipe used in the natural gas, oil, petro-chemical, water and waste-water industries. The $4 million project will allow the company to acquire its existing building, retain its 43 employees, and create two new jobs within the next three years. The Bucks County Economic Development Corp. is the sponsoring agency.
- A $1.1 million, 15-year loan at 3.75 percent to Custom Nonwoven Inc., which manufacturers cushion wrap in upholsteries that can also be used in mattresses, air filters and automobiles. The $2.4 million project will allow the start-up company to acquire and renovate its existing building and create 111 new jobs within the next three years. The Lehigh Economic Advancement Project Inc. sponsored the project.
PIDA provides capital for infrastructure acquisition, creation and renovation, 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