Printer Friendly

$1.6 MILLION IN LOANS APPROVED FOR SIX PENNSYLVANIA FIRMS

 HARRISBURG, Pa., Jan. 21 /PRNewswire/ -- Gov. Robert P. Casey today announced the approval of more than $1.6 million in state loans that will enable six companies in eastern Pennsylvania to create 306 jobs and preserve 101 others.
 The loans, funded through the Department of Commerce's Machinery and Equipment Loan Fund (MELF), are being awarded to two companies in Chester County and one company each in Berks, Lancaster, Montgomery and Northampton counties.
 "Pennsylvania is using its financing programs to help its homegrown companies grow and expand," Casey said. "MELF loans often make the difference for growth-oriented companies that are aggressively pursuing new business opportunities and creating new jobs.
 "Last year, 29 Pennsylvania companies received more than $10.5 million in MELF loans, which led to the creation of 1,342 jobs and the preservation of 2,512 others. The projects leveraged more than $34.4 million in private and other investments."
 MELF is targeted to industrial and manufacturing companies, agricultural processors and mining operations. The loans may be used for acquisition and upgrading of machinery and equipment.
 Loans announced today are:
 -- Berks County -- $350,000 to Sweet Street Desserts, a gourmet dessert manufacturer in Reading. The company, which produces more than 16,000 cases of cakes and pies weekly, will use the loan to acquire a multi-level oven that will enable it to double its production capacity. The total cost of this portion of the project is more than $1.5 million, with an expected increase of 134 jobs. In November, the company received a $2 million Pennsylvania Industrial Development Authority (PIDA) loan to double the size of its building.
 -- Chester County -- $100,000 to ALP Industries Inc. of Coatesville. The company, one of America's largest manufacturers of wire, rope, sling and chain products, will use the loan to equip a newly established factory, warehouse and headquarters operation. The $210,000 project is expected to create 34 jobs.
 -- Chester County -- $400,000 to American Manufacturing Technologies Inc. of Avondale. The company supplies fabricated metal products, precision measurement services and machine tool certifications. It will use the loan to buy the Avondale plant from Hewlett Packard. The project, which will cost $800,000, is expected to create 34 jobs.
 -- Lancaster County -- $200,000 to Kunzler and Co. Inc., a Lancaster meat products processor and manufacturer. The company, which produces hams, frankfurters, bacon, bologna and other specialty meats, will use the loan to purchase processing equipment and to acquire a high density storage system. The equipment will enable it to double its frankfurter production. The $600,000 project is expected to create 48 jobs.
 -- Montgomery County -- $150,000 to the Cook Specialty Co. in Green Lane. The company specializes in the manufacture of complex medical and dental laboratory equipment, computer and office components and contract office furniture. It will use the loan to acquire equipment to manufacture copier toner cartridges and medical equipment. The $528,000 project is expected to create six jobs.
 -- Northampton County -- $300,000 to Supradur Manufacturing Corp. of America in Wind Gap. The company, one of the nation's leading manufacturers of fiber-cement roofing products and siding panels, will use the loan to purchase equipment to produce asbestos-free roofing products. The company has developed a unique "dry" manufacturing process to produce these products. The $646,000 project is expected to preserve 101 jobs and create six others.
 /delval/
 -0- 1/21/93
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce ST: Pennsylvania IN: SU:

MJ -- PH015 -- 7317 01/21/93 10:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1993
Words:591
Previous Article:FIRST FIDELITY DECLARES REGULAR QUARTERLY DIVIDEND ON COMMON STOCK
Next Article:WINNERS ANNOUNCED FOR GOVERNOR'S WASTE MINIMIZATION AWARDS


Related Articles
$1.6 MILLION IN MINORITY BUSINESS DEVELOPMENT LOANS APPROVED
PENNSYLVANIA GOV. RIDGE ANNOUNCES PIDA LOAN APPROVALS FOR SIX PROJECTS EXPECTED TO CREATE 174 JOBS AND RETAIN 63 OTHERS
Northeast Pennsylvania Financial Corp. Reports Approval of Common Stock Repurchase Program and Second Quarter 1999 Earnings.
Pennsylvania Gov. Ridge Announces August PIDA Loans to Create 742 New Jobs in Seven Counties; Two New Keystone Opportunity Zone Projects Will Create...
Pennsylvania Gov. Ridge Announces September PIDA Loan Approvals; 186 Jobs to be Created, 793 Jobs to be Retained in Six Counties.
PA Gov. Schweiker Administration Announces Three PIDA Loans; More Than $1.6 Million to Create and Retain 164 Jobs in Three Counties.
FHLBank of Pittsburgh Awards $2.3 Million in Grants for Affordable Housing Development in Western Pennsylvania.
FHLBank of Pittsburgh Awards $372,000 in Grants for Affordable Housing Development in Central Pennsylvania.
FHLBank of Pittsburgh Awards $5.5 Million in Grants for Affordable Housing Development in Region.
FHLBank of Pittsburgh Awards $1.6 Million in Grants for Affordable Housing Development in Western Pennsylvania.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters