Gov. Rendell Announces Three Manufacturing Expansion Projects to Create 68 Jobs in Philadelphia, Northampton, Schuylkill Counties

Release Date: Nov 06, 2008  |  Author: Michael Smith (GOV); Luke Webber (DCED)

HARRISBURG – Three manufacturing companies are taking advantage of lower interest rates on commonwealth loan programs as they undertake expansion projects in Northampton, Philadelphia and Schuylkill counties that will create 68 new jobs.  

Governor Edward G. Rendell announced today that that the three companies—TreeCycle LLC, Veyko Inc., and Valley Precision Tool Inc.—have been approved for low-interest commonwealth loans totaling more than $2 million through the Pennsylvania Industrial Development Authority, or PIDA.

Last month, PIDA cut interest rates on its loan program to 3 percent as a way to encourage private investment in the face of a slowing national economy—a move the Governor said will entice more companies to pursue job-creating projects in the commonwealth.

“These loans will help these three businesses to grow and will put people to work in the process,” Governor Rendell said.  “Although the economy is struggling now, it’s important that we continue to invest in our communities, our employers and our people.

“Last month, we cut interest rates on three key programs as an incentive for companies to invest, grow and create jobs here in Pennsylvania. These three companies are taking advantage of that deal and are investing more than $5 million in our communities and creating 68 jobs.”

The loans, approved yesterday by the Pennsylvania Industrial Development Authority, will leverage more than $2.8 million in private investment, the Governor said.

PIDA loans may be used for infrastructure acquisition, creation and renovation projects.

For information on PIDA and other programs administered through the Department of Community and Economic Development, visit www.NewPA.com or call 1-866-466-3972.

The projects approved for PIDA loans include:

Northampton County

TreeCycle LLC, a New Jersey-based wood recycling company that manufactures biofuel wood pellets, will establish its first location in Pennsylvania with the help of an $875,000 loan that will be used to acquire and renovate an existing building in Nazareth. The $2.3 million project is expected to create 25 jobs. The Northampton County New Jobs Corp. is the sponsoring economic development agency. 

Philadelphia County

Veyko Inc., which manufactures and installs architectural metal work, will construct a new 11,550 square-foot building one mile from its current location. The company received a $739,865 loan to help support the $1.5 million project. Thirteen new jobs will be created and nine employees will move to the new facility.  PIDC Financing Corp. is the sponsoring economic development agency. 

Schuylkill County

Valley Precision Tool Inc. will acquire an existing 63,000 square-foot building in Tower City as part of a $1.2 million project is expected to create 30 jobs. A manufacturer of parts and components for the U.S. military,the company was approved fora $460,000 loan through PIDA. The Schuylkill Economic Development Corp. is the sponsoring agency.

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The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses.  To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us.