HARRISBURG, Sept. 7 – State Rep. Jaret Gibbons, D-Beaver/Butler/Lawrence, today announced the Standard Horse Nail Company of New Brighton was awarded a $123,000 loan from the Pennsylvania Industrial Development Authority.
The company, one of the largest domestic producers of machine keys, woodruff keys, taper pins, and other precision fasteners, received a 15-year loan at 3 percent interest to assist with the renovation of 25,000-square-feet of currently unused space in its facility.
“Manufacturing is a major component of our local economy and this loan will ensure that a growing company remains and expands here in Beaver County,” Gibbons said. “I’m glad to play any role I can to assist this process and provide good jobs for the hard-working people of the 10th District.”
The total project cost is estimated to be $290,000, and it will create four jobs and retain 24 existing positions.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs. So far in 2016, it has approved $35.2 million in low-interest loans that have resulted in $70.4 million in private investment and supported 1,350 created and retained full-time jobs.
Be the first to comment on "Gibbons announces state loan for New Brighton company"