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Corbett Administration Makes Final JOBS1st On the Road Stops; Visit Lycoming Manufacturer That Will Create 25 New Jobs(Targeted News Service Via Acquire Media NewsEdge) HARRISBURG, Pa., April 11 -- The Pennsylvania Department of Community and Economic Development issued the following news release: Continuing "JOBS1st PA On the Road," Department of Community and Economic Development (DCED) Secretary C. Alan Walker today toured PMF Industries, Inc., a manufacturer of specialty stainless steel products, located in Lycoming County, highlighting the company's growth that will create 25 new jobs over the next few years. "Governor Corbett is building a stronger Pennsylvania where innovative companies such as PMF Industries can grow and compete in the global marketplace," Walker said. "We're continuing to support our message to manufacturers throughout the nation and around the world that businesses thrive when they make their products in Pennsylvania." PMF Industries specializes in make-to-order stainless steel parts and assemblies for the food service, industrial, pulp and paper, electronic and computer semiconductors, medical, cryogenic, environmental, aerospace and military markets. The company has expanded their precision metal forming manufacturing and warehouse facility in Williamsport to allow for the manufacturing of compressed natural gas (CNG) cylinders, a move that will create at least 25 jobs over the next few years. Last year, PMF Industries was approved for a $720,000 loan from the Machinery and Equipment Loan Fund from DCED at a rate of 1.5 percent to assist with the business expansion and a $250,000 Alternative Clean Energy grant through the Commonwealth Financing Authority. PMF Industries was one of many companies to pursue a reduced interest rate loan from DCED to support its expansion. From December 2012 through June 30, 2013, the governor directed DCED to reduce the interest rates of its core business loan programs to encourage new business growth. The PA Industrial Development Authority also reduced its interest rates. During the interest rate reduction period, DCED received over 150 applications, more than double received the entire year prior, totaling more than $106 million in loans approved. Leveraging more than $153 million in additional private investment, the approved projects are expected to create 3,028 jobs and retain 17,794 positions. Beginning on February 1, 2014, DCED lowered interest rates for the Machinery & Equipment Loan Fund, Pollution Prevention Assistance Program, Export Financing Program and Small Business First to 1.75 percent for applications received prior to July 1, 2014. DCED also waived its fees charged to the borrowers. At its February 5, 2014 board meeting, the Pennsylvania Industrial Development Authority (PIDA) also reduced its interest rates from four percent to 2.25 percent for applications received through July 1, 2014. PIDA also waived its fees charged to borrowers. "Providing our small businesses and manufacturers with access to affordable capital is leading to new growth and new jobs for Pennsylvanians," Walker said. Also today on "JOBS1st On the Road," DCED's tourism office toured downtown Lock Haven, and DCED's community team visited Sunbury Revitalization Inc.'s Community Arts Center. Additionally, DCED's technology investment staff attended the Shale Gas Innovation & Commercialization Center's Open House. The Corbett administration developed "JOBS1st On the Road" to strengthen the relationships with the commonwealth's regional partners. The three-day visit will take the team to 10 counties: Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Snyder and Union, traveling throughout Central Pennsylvania to discuss the administration's plans for economic growth, job creation and community development This initiative is privately funded and supported by the Team Pennsylvania Foundation, a private non-profit partnership with the commonwealth. CC AutoTriage5rn-140412-30FurigayJane-4702180 30FurigayJane (c) 2014 Targeted News Service |