HARRISBURG, Pa. - Kitchen countertop business Classic Rock Fabrication will benefit from a $1.1 million loan made by the Pennsylvania Industrial Development Authority.
A supplier to Just Cabinets, Fine Line Cabinets, and Charter Homes, Classic Rock will receive the money through Dauphin County Capital Region Economic Development Corporation. It is a 15-year loan at 3 percent Classic Rock Fabrication can purchase its currently leased location in Lower Paxton Township, Pennsylvania. Altogether Classic Rock is investing $2.28 million in an effort that will retain 69 existing positions at the firm.
"Through low-interest loans and lines of credit, PIDA ensures that eligible businesses have access to the capital they need to support continued success in Pennsylvania," said Governor Wolf. Over the last month PIDA says it approved more than $6.6 million in low-interest loans for seven projects in Beaver, Bucks, Chester, Dauphin, Lancaster, Lehigh, and Philadelphia counties, which will generate more than $22.8 million in private investments.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. Qualified applicants can select either a reset rate of 2.25 percent for the first seven years or a fixed rate of 3 percent for real estate financing, 3 percent fixed rate for equipment loans, 3 percent fixed rate loans for a 12-month period for working capital and accounts receivable lines of credit, and 2 percent fixed rate for pollution prevention and energy efficient loans. Rates will be in effect for loan applications received through September 30, 2016.
Find out more about the Pennsylvania Industrial Development Authority.
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