The Pennsylvania Industrial Development Authority recently approved low-interest loans for National Magnetics Group Inc. in Bethlehem and Summit Aerospace USA Inc. in Monroe County to expand operations, according to Gov. Tom Corbett.
If the funding is accepted, as many as 14 new jobs could be created and 94 existing jobs could be retained at the two companies.
The terms have yet to be accepted and signed, so company officials said it was premature to comment on the economic impact of the approved loans.
"We have enacted pro-growth policies that are enabling manufacturers like Summit
Aerospace USA and National Magnetics Group to grow and create jobs," Corbett said.
National Magnetics Group is a manufacturer of technical ceramics and plans to acquire and renovate an existing 28,934-square-foot facility in Bethlehem. Under the plan, the company would invest more than $1.9 million that is projected to create five new jobs and retain 81 existing employees. PIDA would provide a $951,000, 15-year low-interest loan at 1.5 percent to the Northampton County New Jobs Corp. on behalf of National Magnetics Group.
Summit Aerospace is a provider of precision machining of super alloys for jet and helicopter engine components to the aerospace and defense markets. It is planning to acquire and renovate an existing 16,200-square-foot facility in Coolbaugh Township, according to PIDA.
Under the plan, the company could invest a total of $1.6 million that is projected to create nine new jobs and retain 13 existing employees. PIDA would provide a $720,000, 15-year low-interest loan at 1.5 percent to the Monroe County Industrial Development Authority on behalf of Summit Aerospace.
PIDA provides capital for building acquisition, construction and renovation work, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.
According to PIDA, in 2013 the authority has approved $35.3 million in low-interest loans that have resulted in $60.5 million in private investment that affected 8,822 jobs.