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PIDA APPROVES $12.7 MILLION IN LOANS FOR 17 PROJECTS

 PIDA APPROVES $12.7 MILLION IN LOANS FOR 17 PROJECTS
 HARRISBURG, Pa., Sept. 3 /PRNewswire/ -- State Commerce Secretary Andrew T. Greenberg today announced the approval of more than $12.7 million in Pennsylvania Industrial Development Authority (PIDA) loans for 17 projects that are expected to create 651 jobs and preserve 312 others.
 At its monthly meeting, the board approved $10.3 million in loans for two job-creating projects each in Cambria and Schuylkill counties and one each in Allegheny, Bedford, Bucks, Erie, Franklin, Monroe, Montgomery, Northampton, Somerset and Warren counties.
 The board also approved more than $2.4 million in loans for three job-retention projects in Luzerne, Northampton and Philadelphia counties.
 "The changes the commonwealth made in the PIDA program earlier this year are allowing Pennsylvania to help its home-grown businesses modernize and upgrade their operations," Greenberg said.
 "Since implementing the job retention program, PIDA has approved more than $7 million in low-interest financing for projects that will preserve more than 1,700 jobs in industries across the commonwealth. Pennsylvania continues to use its innovative business assistance and financing programs to create and retain jobs."
 PIDA earlier this year changed its program to provide low-interest loans for job retention projects. PIDA, the state's premier loan program, previously only funded job creation projects.
 PIDA loans, awarded at low interest rates, may be used by manufacturers and industrial firms to purchase land and buildings for construction or renovation. Applications are made by local industrial development groups on behalf of industrial borrowers.
 The following job-creation projects were approved:
 -- Allegheny County -- $2 million to SMS Engineering Inc. for the construction of a 77,000-square-foot building on General Robinson and Sandusky streets in Pittsburgh. The company, which designs metal rolling equipment for the steel industry, will use the loan to consolidate and expand its administrative and engineering support operations. The $6.6 million project is expected to create 143 jobs.
 -- Bedford County -- $547,599 to Cannondale Corp. for the acquisition and renovation of a 4,350-square-foot building and the construction of a 26,000-square-foot addition to an existing building at Friendship Road in Bedford, Pa. The company designs and manufactures bicycles, cycling accessories and camping equipment. The $912,665 project is expected to create 56 jobs. Since 1987, Cannondale has received $823,587 in PIDA loans, helping to create 374 jobs.
 -- Bucks County -- $420,000 to Greater Philadelphia Equipment Co. for the acquisition of 21,200-square-foot building at 3907 Nebraska St. in Newportville, Pa. The company, which manufactures photocopiers, is moving to a larger facility from a nearby location. The $420,000 project is expected to create 30 jobs.
 -- Cambria County -- $126,000 to WPP Dough Co. for the acquisition of a 5,000-square-foot building and a subsequent 2,100-square-foot expansion project at 1280 Clair St. in Johnstown, Pa. The company, which produces pizza dough balls, is moving to the site from a nearby location. The $210,000 project is expected to create 16 jobs.
 -- Cambria County -- $262,390 to United Metal Fabricators Inc. for a 21,500-square-foot expansion project to its building on 409 Eisenhower Blvd. in Johnstown, Pa. The company, which manufactures health care equipment such as examination tables, cabinets, stools and bedpans, is consolidating its operations. The $524,780 project is expected to create 19 jobs.
 -- Erie County -- $400,000 to Metalade of Pennsylvania Inc. for the acquisition of a 150,000-square-foot building on 4000 West Ridge Rd. in Erie, Pa. The company, which manufactures fabricated sheet metal parts for computers and copiers, will use the loan to acquire the facility from its previous owner, Ervite Corp. The $1 million project is expected to create 27 jobs.
 -- Franklin County -- $2 million to the Chambersburg Area Development Corp. for the acquisition and development of 168 acres in the Chamber 5 Industrial Park between Routes 11 and 316 in Chambersburg, Pa. The loan will be used to expand the industrial park, which currently contains 11 companies. The total cost of the project is $3.3 million.
 -- Monroe County -- $1.1 million to Web Dynamics Corporation for the construction of a 35,300-square-foot building along Interstate 80 and Greentree Drive in East Stroudsburg, Pa. The company, which manufactures polypropylene filter media for respirator and liquid filtration systems, is relocating its New Jersey operation to the site. The $2.2 million project is expected to result in the creation of 89 jobs and the transfer of 35 employees from New Jersey.
 -- Montgomery County -- $1,691,707 to Integrated Circuit Systems Inc. for the acquisition of a 61,119-square-foot building at 2435 Boulevard of the Generals in Norristown, Pa. The company, which is moving to the site from a nearby location, designs and manufactures standard and custom circuits. The $3.7 million project is expected to create 140 jobs.
 -- Northampton County -- $200,000 to Debbi-Sue Fashions Inc. for the construction of a 6,700-square-foot building in the Bethlehem Industrial Park. The company, which manufactures women's sportswear, is moving to a larger building from a nearby location. The $400,000 project is expected to create 14 jobs.
 -- Schuylkill County -- $705,000 to Schoenman Beauty Supply Inc. for a 40,275-square-foot expansion project along Route 61 in Pottsville, Pa. The company is a wholesaler of beauty and hair care products. The $1.5 million project is expected to create 47 jobs.
 -- Schuylkill County -- $343,000 to the Miller Group Inc. for the renovation of two buildings in Schuylkill Haven and a third in Port Carbon, Pa. The textile manufacturer is currently operating at the three sites. The $686,000 project is expected to create 23 jobs.
 -- Somerset County -- $600,000 to White-Roberts Inc. for the acquisition of a 257,000-square-foot building along Route 56 at Spruce Street in Windber, Pa. The company, which manufactures truck bodies and other structural steel products, is moving most of its operation to the site from a nearby location. The $1 million project is expected to create 47 jobs.
 -- Warren County -- $189,000 to the Warren County Development Association for the acquisition of a 129,647-square-foot building on 4 Harmar St. in Warren, Pa. The unit will be converted into a multi- occupancy building that is expected to house 11 small businesses. The total cost of the project is more than $1 million.
 The following job-retention projects were approved:
 -- Luzerne County -- $340,000 to Summit Manufacturing Inc. for a 21,600-square-foot expansion project on Kiwanis Blvd. in the Valmont Industrial Park in West Hazleton, Pa. The company, which designs, develops and manufactures large tubular steel poles, will use the loan to increase its manufacturing capacity. The $680,000 project is expected to preserve 60 jobs.
 -- Philadelphia County -- $1.6 million to Mutual Pharmaceutical Co. Inc. for a 65,000-square-foot expansion project on 1100 Orthodox St. in Philadelphia. The company, which will use the loan to expand its production capacity, manufactures generic prescription drugs. The $3.2 million project is expected to preserve 214 jobs.
 -- Northampton County -- $550,000 to Biotronics Inc. for the construction of a 16,800-square-foot building in the Lehigh Industrial Park IV. The company, which develops and manufactures electronic instruments used in measuring electrical currents, is moving to a larger building from a nearby location. The project is expected to preserve 38 jobs.
 /delval/
 -0- 9/3/92
 /CONTACT: Ron Jury, press secretary of the Pennsylvania Department of Commerce, 717-783-1132/ CO: Pennsylvania Industrial Development Authority ST: Pennsylvania IN: SU:


MJ -- PH008 -- 6351 09/03/92 11:03 EDT
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