RIDGWAY – The September meeting of the North Central Pennsylvania (North Central) Planning and Regional Development Commission, held at the organization’s headquarters in Ridgway on Wednesday, retained and created at least 40 jobs for the region.
As the primary Local Development District (LDO) for Cameron, Clearfield, Elk, Jefferson, McKean and Potter counties, one of North Central’s primary functions is to provide financing to businesses and municipalities in the region. On Wednesday, the North Central Board approved three loans to local businesses totaling $ 200,000 through the USDA IRP fund, and the EDA CARES Act relief fund was established last year as a result of the COVID-19 pandemic. Jennifer Hibbard, director of the North Central loan program, recommended that the assembled council approve the three loans for September in Clearfield and McKean, counties. The board unanimously approved all three loans. At least 40 jobs will be created or maintained by regional businesses thanks to these loans.
The Laughing Owl Press Company of Kane, Mckean County has requested a loan in the amount of $ 40,000 under the EDA Cares Act fund. The term of the loan would be seven years at an interest rate of 0.75%. The loan will be used to purchase a new trimmer to replace an obsolete trimmer and a new color digital press that will increase manufacturing efficiency and save production costs. Five full-time and three part-time positions will be retained during the term of this loan,
Robert S. Hart, owner of Miracle Stake, Inc. of Bradford, McKean County, has applied for a loan in the amount of $ 10,000 under the EDA Cares Act fund. The term of the loan would be seven years at an interest rate of 0.75%. The loan would be used for the manufacture of vegetable support products. Hart is the owner and creator of the Miracle Stake. The Miracle Stake is a complete plant support system. It uses a Clip-to-Twine cultivation method to support the entire plant and fruit. As the vine grows, tie it to string to support your vegetables. The garden support system is similar to how tomatoes and cucumbers are professionally grown in greenhouses, cut into twine, reaching the sun. Learn more about this company at facebook.com/miraclestake/. Up to five jobs will be created with this loan.
Metaltech, Inc. of DuBois, Clearfield County, has requested a loan in the amount of $ 150,000 under North Central’s USDA IEP fund. The term of the loan would be five years at an interest rate of 2.50%. The loan will be used to purchase equipment to automate the three-phase part manufacturing process. Automation will result in efficiency gains and cost savings in the production of parts that will support competitive prices offered to their customers. Thirty jobs will be preserved and created through the use of this loan over a period of 5 years.
The next board meeting will be held on Wednesday, October 20 at 9:30 a.m. in person at Ridgway’s head office and virtually via the Zoom platform.