HARRISBURG, Pa., May 8, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that Medical Products Laboratories, Inc. will move forward with an expansion project that is projected to support the creation of 14 jobs and the retention of 148 positions in Philadelphia.
"My administration is committed to supporting the growth of employers who are investing in our communities and creating jobs for our workers," Corbett said. "Financial support provided by the commonwealth will result in Medical Products reinvesting and creating 14 new jobs in Philadelphia."
Medical Products, a pharmaceutical manufacturer, will purchase an existing 22,900-square-foot facility in Philadelphia. The company will invest a total of $1,025,000 in the project that is projected to create 14 new jobs and retain 148 existing employees.
The Pennsylvania Industrial Development Authority (PIDA) will provide a $472,500, 15-year low-interest loan at 1.5 percent to the Philadelphia Industrial Development Corporation on behalf of Medical Products.
To address a key recommendation of the Governor's Manufacturing Advisory Council (GMAC), 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.
"My administration's commitment to enact policies to spark private sector job growth is taking root and the Pennsylvania economy is heading in a positive direction," 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