Conklin: $77,500 loan approved for Moshannon Valley Enterprise Center
New loan to assist in retaining jobs
CENTRE COUNTY, May 4 – Rep. Scott Conklin, D-Centre, announced that Moshannon Valley Economic Development Partnership Inc. will receive a $77,500 small business loan to help renovate the Moshannon Valley Enterprise Center in order to repair its floors, roof and crack in the sewer line.
Through the Pennsylvania Industrial Development Authority, the loan is for 15 years at a low-interest fixed rate of 2.5 percent. The Moshannon Valley Enterprise Center has approximately 22,000 square feet of available space for businesses to rent at a low cost and is located in Philipsburg. The loan will provide funds for the renovation of about a 13,000-square-foot section of the building.
“These loans are essential to helping to create and sustain jobs for those living in Centre County and throughout Pennsylvania,” Conklin said. “Revitalizing the Moshannon Valley Enterprise Center is a great investment, because in turn, they will continue to help curb unemployment, further economic development, and provide support for existing businesses and entrepreneurs to grow.”
The Moshannon Valley was one of eight business projects in six counties across the commonwealth that secured part of the $8.6 million in loans from PIDA this month. Aside from this project in Centre, projects in Bedford, Berks, Bucks, Crawford and Lancaster counties also secured loans.
Moshannon Valley is a private, non-profit corporation that was founded in 1988 after the Moshannon Valley Chamber of Commerce and the Philipsburg Association of Commerce merged to unite business leaders and government officials in order to serve the community.
For more information, visit PIDA, which is staffed through the Department of Community and Economic Development.