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Integrated Fab & Machine Gets $1.28M Loan to Expand
MERCER, Pa. -- Penn-Northwest Development Corp. has been awarded a 15-year loan of $1.28 million at 2.25% by the Pennsylvania Industrial Development Authority in behalf of Integrated Fabrication & Machine Inc., Sharpsville.
The company will use the proceeds to acquire and renovate a plant in Hempfield Township, Mercer County.
Integrated Fabrication & Machine, which produces high quality stainless steel, copper, aluminum and titanium specialty fabrications to the capital goods market, will purchase and renovate a 68,000-square-foot structure to further its growth. The total investment in the site will exceed $2.263 million and create 16 jobs new while retaining its 35 employees, the company said.
The loan was among nearly $15.1 million the state issued in low-interest loans for 12 projects in Berks, Bucks, Lehigh, Mercer, Mifflin, Northampton and Westmoreland counties. The loans are projected to create 229 jobs and retain 664, says Gov. Tom Corbett. The projects will result in more than $31.8 million in total investments.
This year, the state Industrial Development Authority has approved $31,935,372 in low-interest loans that have been matched by $68,621,726 in private investment and supported 1,611 jobs, Corbett reported.
Published by The Business Journal, Youngstown, Ohio.
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