Two Pennsylvania companies receive $3 million in low interest loans

Two Pennsylvania companies recently received more than $3 million in low interest loans from the Pennsylvania Industrial Development Authority.

Astley Precision Machine Co., a precision machined components for the medical, scientific and defense industries manufacturer in Irwin, was approved for a $1.05 million loan.

The 10-year loan has a 20-year amortization at a 2.5 percent rate with a 5-year reset available from the Economic Growth Connection of Westmoreland.

Zilka & Co., a bakery supplier in Hempfield Township, was approved for a $2 million loan.

The 10-year loan has a 20-year amortization at a 2.75 percent rate with a 5-year reset from the Economic Growth Connection of Westmoreland.

Both companies said they would expand their facilities and create jobs.

“It’s always great news when area businesses need to expand to meet growing customer demand, but the costs of expansion – which usually entails new construction or extensive renovation – can be a heavy financial burden,” state Rep. Joseph Petrarca (D-Westmoreland/Armstrong/Indiana) said. “The low-interest loans approved today will help ensure these companies, which are so well-rooted in our community and give so much back in terms of jobs and economic health, will continue to thrive and expand.”

This year, the Industrial Development Authority has approved $61.3 million in loans statewide.