Governor Tom Wolf announced new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for Astley Precision Machine Company and Zilka & Company, which will help create and retain approximately 125 jobs statewide. The loan funding will assist businesses with the costs of expanding into larger, more capable facilities that will help them meet customer demand.
Astley Precision Machine Company, Inc., a producer of precision machined components for the medical, scientific, and defense industries, was approved for a $1,046,000, 10-year loan with 20-year amortization at a 2.5 percent rate with a 5-year reset through Economic Growth Connection of Westmoreland (EGC).
Zilka & Company, LLC, a family-owned bakery supplier, was approved for a $2 million, 10-year loan with 20-year amortization at a 2.75 percent rate with a 5-year reset through EGC.
“We continue to see strong loan activity within Westmoreland County, and with the low-interest rate being offered through the PIDA program EGC can offer significant savings to businesses,” said EGC President & CEO Jim Smith.
Read the press release here.