PHILIPSBURG — Officials of the Moshannon Valley Economic Development Partnership announced through a press release the approval of a loan from its Revolving Loan Fund program to UMI Performance, Inc. A loan of $65,000 was approved to assist UMI with the acquisition of a property located in Chester Hill.
“We are pleased to be able to assist area businesses like UMI Performance with their projects through the use of our loan program,” said Tom Scott, chairman of the MVEDP’s Revolving Loan Fund program. “We have had this loan program since 1989 and it is an excellent tool to help businesses with funding for working capital needs, machinery and equipment purchases and land or building purchases. We can fund up to 50 percent of the cost of a project so the loan recipient must derive the balance of the money that is needed, usually from their bank. We partner with area banks to help companies in the most expedient manner possible,” he said.
UMI Performance, Inc. is located in Rush Township in the facility formerly occupied by Shain/Shop-Bilt. The company has now purchased a building located in Chester Hill Borough that was owned by Tim Bainey Sr. The building was formerly the Pennshire building of the Charles Navasky Company.
UMI Performance, Inc. is a manufacturer of replacement automobile suspension parts and the company is owned by Ryan Kirkwood. The company was established in 2003.
“The acquisition of the former Bainey/Pennshire building in Chester Hill will enable our company to expand our manufacturing capabilities which is important given the growth of the company,” said Kirkwood. “We plan to move our product development and research/design component of our business to that new location.”
The Partnership’s Revolving Loan Fund Program is available to manufacturing, service, retail, commercial and wholesale/distribution firms. Funds can be used for land and building acquisitions, machinery and equipment purchases and working capital. Loans can range from between $15,000 to $100,000.
Companies or entrepreneurs interested in additional information about the Partnership’s Revolving Loan Fund Program should contact Stan LaFuria at (814) 342-2260.