Development authority approves three new loans

The Pennsylvania Industrial Development Authority recently approved three new low-interest loans for projects in Mercer, Susquehanna, and Westmoreland counties.

The Regional Industrial Development Corp. of Southwestern Pennsylvania (RIDC) in Westmoreland County was approved for a 15-year, $2.25 million loan. Funding will be used to renovate the RIDC Westmoreland Plant.

RIDC will assist Intervala, a full-service manufacturer of printed circuit board assemblies, electromechanical systems, and cable and harness assemblies, to expand approximately 83,500 square feet within the RIDC Westmoreland facility.

RIDC leases space within its facility on both a long-term and short-term basis. Tenants include Siemens and Westmoreland County Community College.

American Cap Co. in Wheatland Borough, Mercer County, through Penn-Northwest Development Corp., was approved for a 10-year, $1.35 million loan. Funding will be used for machinery and equipment for the expansion of its coupling product line.

The product line is used by the industrial gas and oil industries. The project is expected to cost $2.9 million.

DH Manufacturing in Bridgewater Township, Susquehanna County, through the Northern Tier Regional Planning & Development Commission, was approved for a 10-year, $400,000 loan. Funding will be used for the purchase of machinery and equipment.

The company specializes in stone manufacturing. The project is expected to cost $816,185.