The loan covers construction and the purchase of machinery and equipment. Construction will begin this fall.
Economic Growth Connection of Westmoreland County, a private economic development corporation, helped Premium obtain the PEDFA financing. Terms of the loan were not disclosed. Interest rates for PEDFA loans typically vary according to prime and are generally 75% lower than prime.
PEDFA loans for construction or acquisition of industrial and manufacturing facilities and the purchase of machinery and equipment are tied to job retention and growth.
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