Conklin: Advanced Powder Products secures nearly $3 million to rebuild Rush Township facility damaged in fire
Low interest loan funding will also allow company to purchase equipment
Rep. Scott Conklin December 5, 2024 | 2:58 PM
STATE COLLEGE, Dec. 5 – Two low-interest loans totaling $2.9 million will allow major area employer Advanced Powder Products to rebuild its Rush Township production facility that was severely damaged by fire last year, state Rep. Scott Conklin announced today.
Conklin said the funding to the metal injection molding and 3D metal printing manufacturer includes a 15-year, $2.25 million loan at a 3.75% reset interest rate and a 7-year, $700,928 loan at a 4.75% fixed interest rate – both awarded through the Pennsylvania Industrial Development Authority.
“The new funding is terrific news for APP and our entire region,” Conklin said. “The 2023 fire to the Rush Township facility caused extensive damage, interrupted production, affected jobs and resulted in heavy losses. The new funding will allow them to build a new 29,000-square-foot production facility at their Enterprise Drive location and purchase new precision machinery, robotics and other automated equipment.
“It’s going to be exciting seeing this dynamic manufacturer rebuild to former capacity – and seeing those jobs and economic benefits flowing back to our region.”
Conklin said the project will result in the creation of 15 new jobs and the retention of 165 full-time jobs.
Administered by the Department of Community and Economic Development, PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs as well as funding for the development of industrial parks and multi-tenant facilities.
Loans may be used for land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit, and multi-tenant facility and industrial park projects.
More information about the funding is available here: https://dced.pa.gov/newsroom/shapiro-administration-invests-more-than-4-8-million-through-new-pida-loans-to-help-businesses-grow-create-opportunities-for-pennsylvanians-in-three-counties/, and more information about PIDA is available here: https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/.