Marine battery manufacturer gets loan for construction - Trade Only Today

Marine battery manufacturer gets loan for construction

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Berks Co., Pa.-based East Penn Manufacturing Co., builder of automotive, marine and military batteries, will receive a $2 million, 15-year loan at 3.75 percent to construct a new building and retain 5,300 employees.

The $9 million project is sponsored by the Greater Berks Development Fund.

The loan is one of eight that was recently approved by the Pennsylvania Industrial Development Authority. The low-interest loans will leverage more than $24 million in private investments and advance projects in Berks, Fayette, Jefferson and Somerset counties.

"Companies are opening and growing in Pennsylvania with the help of our targeted investments," Pennsylvania Gov. Edward Rendell said in a statement. "With the commonwealth's assistance, we are creating jobs, helping communities across the state grow, and improving the quality of life for our citizens."

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