HARRISBURG — Department of Community and Economic Development Acting Secretary Rick Siger recently announced the approval of two new low-interest loans through the Pennsylvania Industrial Development Authority to support business growth in Clearfield County that will help create and retain 32 total jobs.
Innovative Sintered Metals, Inc. of Clearfield, through North Central PA Regional Planning & Development Commission, was approved for a 7-year $1,275,000 loan at a 4.50-percent fixed interest rate to acquire manufacturing equipment from Vision Quality Components, Inc., as part of their acquisition of the company’s assets. The company will retain 32 jobs and create three new full-time jobs within three years. The total project cost is $2,550,000.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities.
Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
Pennsylvania-based businesses across a variety of industries are eligible to apply for PIDA loans, including: agriculture; manufacturing; industrial; research and development; hospitality; defense conversion; recycling; computer-related services; construction; child daycare; mining; retail and service enterprises; developers.
