Neshannock Twp. manufacturer approved for loan

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.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s