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GOV. CASEY ANNOUNCES $900,000 IN MACHINERY AND EQUIPMENT LOANS

 GOV. CASEY ANNOUNCES $900,000 IN MACHINERY AND EQUIPMENT LOANS
 HARRISBURG, Pa., May 11 /PRNewswire/ -- Gov. Robert P. Casey today announced the approval of $900,000 in state loans for companies in Elk and Erie counties to buy machinery and equipment while creating 80 jobs and preserving 98 others.
 The loans are being awarded through the Department of Commerce's Machinery and Equipment Loan Fund.
 "We are using our nationally acclaimed economic development programs to help Pennsylvania companies establish themselves in an increasingly competitive marketplace," Casey said. "Machinery and equipment loans offer companies a cost-effective way to modernize and prepare for the challenges of the global marketplace."
 The projects receiving loans are:
 Elk County -- a $500,000 loan to Windfall Products in St. Marys. The company, which manufactures bearings, gears and powdered metal structures, will use the loan to acquire several molding presses and sintering furnaces. The additional equipment will enable the company to expand its production capacity and meet increased tooling needs. The $1 million project is expected to create 53 jobs.
 Erie County -- a $400,000 loan to Metalade of Pennsylvania Inc. in Erie. The company, a sheet metal fabricator supplying the computer and business equipment industries, will use the loan to acquire machinery and equipment from Ervite Corp. The $1 million project is expected to preserve the jobs of Ervite's 98 employees and create 27 new jobs.
 The Machinery and Equipment Loan Fund is targeted to industrial and manufacturing companies, agricultural processors and mining operations. The loans may be used for the acquisition and upgrading of machinery and equipment.
 -0- 5/11/92
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132, or Charles M. Tocci of the Commonwealth News Bureau, 717-783-1116/ CO: Department of Commerce ST: Pennsylvania IN: SU:


KA -- PH038 -- 8761 05/11/92 16:03 EDT
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Publication:PR Newswire
Date:May 11, 1992
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