Pennsylvania approved nearly $2.9 million in low-interest business loans Thursday to four manufacturers projected to create 50 new jobs, including a loan to a Neshannock Township manufacturer.
The Pennsylvania Industrial Development Authority on Thursday approved a 15-year $700,000 loan to Magnetic Lifting Technologies U.S., LLC. Officials said the loan would create 20 new jobs at the company that makes electro-magnetic lifting equipment and related components used mostly by the metal scrap industry.
A statement from the state said Magnetic Lifting Technologies wants to eventually have all its facilities operate in Pennsylvania, including a Struthers facility.
PIDA approved the loans to three other manufacturers in Erie, Altoona and Delaware counties. The money will help create 50 jobs and retain 46 others.
The interest rates on the loans is fixed at 2.25 percent.