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FOR IMMEDIATE RELEASE |
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State
Rep. Robert E. Belfanti, Jr. |
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Belfanti says state loan guarantee will help local business
HARRISBURG, April 24 – State Rep. Robert E. Belfanti Jr. announced today that a state loan guarantee will help finance an expansion project at Clark’s Feed Mills Inc. in Coal Township, Northumberland County.
The business’ owners say the expansion is critical if they want to be able to reduce overall operating costs and remain competitive and profitable in the future. The project is expected to help ensure the retention of 30 jobs at the business.
"Clark’s Feed Mills is now in its third generation of ownership," Belfanti said. "It is an important business in our area that also helps to support many growers and other related businesses in the region. It’s an important part of the local economy, and this loan guarantee from the state will help it grow, preserve jobs and maybe even hire more employees."
Belfanti said the business was awarded a 50 percent loan guarantee through Pennsylvania’s First Industries Loan Guarantee program. The $1.15 million loan guarantee will allow Clark’s Feed Mills to secure a $2.3 million loan from M&T Bank to fund its expansion project, which will include acquiring and renovating an existing pellet mill, and purchasing and installing new equipment.
Clark’s Feed Mills is a poultry wholesaler that produces animal feeds and has agreements with about 70 contract growers in the region to grow chickens it purchases from a third party. The fully grown chickens are then sold to processors and brokers.
The First Industries Loan Guarantee program provides state loan guarantees to help leverage private financing for projects important to Pennsylvania’s top industries – agriculture and tourism. The program is part of Pennsylvania’s comprehensive economic stimulus package, initiated by Gov. Ed Rendell and the General Assembly.
More information about the First Industries Loan Guarantee program and other programs in the economic stimulus package is available at the state Department of Community and Economic Development Web site: www.newpa.com.
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