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MVEDP approved for state loan

by on May 10, 2018 10:22 AM

PHILIPSBURG — The Moshannon Valley Economic Development Partnership recently learned that its application for a $77,500 loan from the Pennsylvania Industrial Development Authority has been approved. The money will be used for renovations at the partnership’s Moshannon Valley Enterprise Center facility, located in Rush Township.

“The partnership will soon be undertaking some important renovations to the Enterprise Center,” said Stan LaFuria, MVEDP executive director. “Roof work, asphalt repairs, new lighting, replacement of our sewer main and 13,000 square feet of new concrete floor are all components of the project. ... We hope to commence with the work within the next 30 days and be completed by the fall of this year.”

First Energy/Penelec provided MVEDP with a small grant toward the cost of the new light fixtures, and the partnership has applied for funding support from the U.S. Department of Agriculture through their Rural Business Development Grant program.

According to LaFuria, the total cost of the project is expected to be $155,000.

The PIDA loan program can be used by private sector companies for multiple types of projects, including land and building acquisitions or new developments, machinery and equipment purchases and working capital. PIDA loans also were recently approved for Cutting Edge Machining Solutions for the purchase of a new machine and to Organic Climbing toward the $1.6 million cost of a new manufacturing plant located within the partnership’s Regional Business Park.

 

 



This story was produced by the staff at the Centre County Gazette. It was re-published with permission. The Centre County Gazette is a weekly publication, available at many locations around Centre County every Thursday morning.
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