A Williamsport aluminum rolling mill is the recipient of a $3 million loan from the state.
Chance Aluminum Corp., 2475 Trenton Ave., was approved for the 10-year loan at 2.5% fixed interest rate to complete building modifications at the site, said state Department of Community and Economic Development acting secretary Rick Siger.
The company plans to purchase and install equipment associated with a new tension leveling line that will be added. The addition of the line will allow the production of coils from common alloys, expanding production capacity and providing a secondary revenue stream.
The company intends to create 113 new full-time jobs within three years. The total project cost is $7.5 million.
The low-interest loan is through the Pennsylvania Industrial Development Authority (PIDA) and was obtained with help from SEDA-Council of Governments.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. The new loans approved today build upon Gov. Josh Shapiro’s commitment to spurring business growth and making Pennsylvania an economic powerhouse.
Loans were awarded to several other industrial sites in the state. The loans can be used for land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credits, multi-tenant facility projects and industrial park projects.
“Gov. Shapiro is working hard to create an economy that works for all Pennsylvanians, and the loans provided through PIDA help to make that a reality,” Siger said. “The projects approved today will help support more than 500 jobs for Pennsylvanians — jobs that help our communities by growing our economy.”