Petrarca: State funding will support equipment purchases, job creation and retention at Westmoreland County company
VANDERGRIFT, Nov. 12 – A Latrobe industrial testing company has been approved for a $601,352 loan to enable it to increase productivity and create jobs, state Rep. Joseph Petrarca, D Westmoreland/Armstrong/Indiana, announced today.
Petrarca said the low-interest loan through the Pennsylvania Industrial Development Authority will allow Product Evaluation Systems to purchase specialized equipment to increase its capacity to test specifically for the aerospace, additive 3D printing, defense and power generation industries. This loan will be used in conjunction with a recent real estate loan approval that will fund the construction of a building that will connect to its existing facility in Unity Township, Westmoreland County. The PIDA funding will also provide for future job growth, Petrarca added.
“These funds will allow Product Evaluation Services to expand and grow in Westmoreland County, providing more opportunities for family-sustaining jobs and strong economic development, which is great news,” Petrarca said. “In addition, the loan will also allow the company to retain 42 full-time positions, but also add an additional 8 full-time jobs within the next three years.”
PIDA provides low-interest loans and lines of credit to state businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations that partner with PIDA.