Hampden Township manufacturer approved for $571K state loan to buy facility
A popular state lending program will help a Cumberland County manufacturer buy its building and expand production and storage space.
The Wolf administration announced Wednesday that Harrisburg Glass LLC, which operates at 444 Railroad Avenue in Hampden Township, has received a $571,117 loan through the Pennsylvania Industrial Development Authority program to purchase its facility.
Harrisburg Glass makes glass and aluminum products for commercial construction companies and residential consumers.
For 11 years, the company has leased about two-thirds of its 27,000-square-foot facility, said David Black, president and CEO of the Harrisburg Regional Chamber and Capital Region Economic Development Corp. CREDC is overseeing the state loan, which is for 10 years at a 2.75 percent interest rate. The loan will cover about half of the $1.15 million total investment.
The company will now occupy the entire building and will be expanding its window encasements production in the facility. The additional square footage also will provide more storage space for finished products.
The deal will help Harrisburg Glass retain 29 full-time jobs over the next three years, according to the administration.
"We see this more and more with deals," Black said. "Retaining jobs is good and it means workers have to upgrade their skill sets."
In addition to providing capital for building acquisitions, PIDA loans also help finance building renovations and equipment purchases, which can spark the creation of new jobs. PIDA is regulated through the state Department of Community and Economic Development.
Black said lending activity has been strong as the economy has improved. He is bullish there will be more industrial lending announcements ahead, citing a 12-month pipeline of development projects that CREDC is working on.