HARRISBURG, Pa., Oct. 25 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Austin Burke announced today that the commonwealth will invest $200,000 to help a Reynoldsville, Jefferson County, manufacturer expand and create 10 new jobs.
Sintergy Inc., which manufactures powdered metal component parts and custom-engineered metal parts for lawn and garden, and the auto industries, has been approved for financing from the state's Small Business First program.
"This project will allow Sintergy Inc. to complete construction on its new facility and meet the growing demand for its products," Burke said today in front of the new Sintergy facility. "Once this new facility is operational, Pennsylvania's financial support will leverage an additional $850,000 in private investment, allowing the company to create 10 full-time jobs and retain 25 full-time positions."
The $2.3 million project, sponsored by the North Central Pennsylvania Regional Planning and Development Commission, will help the company relocate from Punxsutawney and build the larger facility. Small Business First funds will be used to purchase a new furnace and a hydraulic press.
The Small Business First loan program provides low-interest loans for land and building acquisition and construction, machinery and equipment purchases, and working capital to assist certain businesses with 100 or fewer full-time employees. Since 2003, the program has approved 863 projects totaling nearly $136 million that have promised to create 11,000 jobs, retain 16,600 positions, and leverage nearly $460 million in private investment.
The commonwealth has also provided a $1.2 million, 15-year loan at 3.75 percent from the Pennsylvania Industrial Development Authority to the Jefferson County Development Council Inc. for this 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 Small Business First, PIDA and other DCED programs that help businesses grow in Pennsylvania, visit www.newPA.com or call 1-866-466-3972.
Media contact: Theresa Elliott, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development