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MELF LOAN APPROVED FOR NORTHEAST PHILADELPHIA STEEL FABRICATOR

 HARRISBURG, Pa., Dec. 22 /PRNewswire/ -- State Commerce Secretary Andrew T. Greenberg announced today the approval of a $267,500 state loan to help Durand Products Inc. expand its steel fabrication operation along Roosevelt Boulevard in Northeast Philadelphia.
 The project is expected to create 63 jobs.
 The loan is being funded through the Department of Commerce's Machinery and Equipment Loan Fund (MELF).
 "Our machinery and equipment loan program helps Pennsylvania companies obtain the low-cost financing they need to grow and expand," Greenberg said.
 Durand Products is a subsidiary of Lyons Metal Products. It was established in June when Lyons Metal purchased the assets of Bay Products, a steel fabrication company previously located at the site.
 The facility is located at 1120 Roosevelt Boulevard.
 The company, which manufactures fabricated steel products such as cabinets, shelving, work benches and carts, will use the loan to establish an additional assembly line.
 The total cost of the project is $535,000.
 MELF loans are 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.
 /delval/
 -0- 12/22/92
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/


CO: Durand Products Inc.; Pennsylvania Department of Commerce ST: Pennsylvania IN: MNG SU:

JS -- PH017 -- 9181 12/22/92 13:29 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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