Williams announces development loan for local company
Rep. Dan Williams March 7, 2024 | 9:09 AM
Williams announces development loan for local company
HARRISBURG, March 6 – State Rep. Dan Williams today announced Metalum LLC, a local metal fabricator, was approved for a 10-year, $2 million loan through the Chester County Economic Development Council, at a 4% reset interest rate to assist with the construction of a new 51,834-square-foot manufacturing warehouse and an attached 5,234-square-foot office area in Honey Brook Township.
This will be an addition to the existing 14,000-square-foot manufacturing/warehouse area and office space. This expansion project will provide Metalum with the space necessary to take on larger/heavier fabrication jobs that come with higher profit margins and enable them to compete with larger fabricators The total project cost is $8 million. This project will create five jobs and retain 35 existing jobs within the next three years.
“This is another example of how economic redevelopment in Chester County benefits, not only the company and its employees, but the entire surrounding area,” Williams said. “As the company will be purchasing more goods and services, hopefully making a larger profit, which creates a larger tax base for the area. And, of course, this creates jobs and the recipients of those jobs will have more money to purchase goods and services.”
The loan will be administered through the Pennsylvania Industrial Development Authority, which provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities. Loans can be used for: land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credits; multi-tenant facility projects; and industrial park projects.
The PIDA is part of the Pennsylvania Department of Community and Economic Development.
Williams represents the 74th Legislative District comprised of Atglen, Coatesville, Honey Brook Borough, Honey Brook Township, Modena, Parkesburg, Sadsbury, South Coatesville, Valley, West Caln, West Sadsbury and Districts 1, 2 and 3 of Caln in Chester County.
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CONTACT: Ryan Bevitz
House Democratic Communications Office
Phone: 717-787-7895
Email: rbevitz@pahouse.net
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