State authority OKs loans for two Lancaster County businesses
Two Lancaster County businesses recently secured low-interest loans from the Pennsylvania Industrial Development Authority.
The authority's board approved Flex-Cell Precision Inc. in Lancaster for a $584,000, 10-year loan at a 3.5 percent fixed rate through EDC Finance Corp. in Lancaster, according to a release from Gov. Tom Wolf’s office.
The CNC milling shop for military and commercial electronics enclosures will use the loan to purchase machinery and equipment for the company’s facility in downtown Lancaster.
The project is expected to retain 30 full-time jobs in the next three years, the release said.
Also, Weaver Industries Inc. in Denver Borough was approved for a $400,000, 10-year loan at a 3.5 percent fixed interest rate. The loan will be used for the purchase of graphite machining equipment, according to the release.
The family-owned and -operated manufacturer specializes in graphite and urethane products.
The project is expected to retain 58 full-time jobs in the next three years, according to the release.
Small-business loans went to six other companies in Bedford, Berks, Bucks, Centre and Crawford counties.
"These projects approved today will help create and retain Pennsylvania jobs, and stand as great examples of how providing access to capital helps businesses of all sizes, but especially small businesses, grow and thrive," Wolf said in a statement.
Calls to Weaver and Flex-Cell were not immediately returned.