Marine battery manufacturer gets loan for construction

Author:
Updated:
Original:

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."

Related

Teak Isle

From pontoon boat folding tables and drawer units to fishing boat heavy duty cooler slides and console doors, Teak Isle offers new custom design solutions to help you sell more boats.

A Double Shot for Small Business

New Jersey’s MTA saves the sales tax cap on boats, and the PREPARE Act would create low-interest, fixed-rate loans to help small businesses protect their properties against natural disasters.