Matzie: Selectrode Industries secures $688,000 loan funding to expand
AMBRIDGE, Sept. 7 – Area employer Selectrode Industries Inc., will receive a low-interest loan of $687,500 to expand and modernize operations, state Rep. Rob Matzie, D-Beaver, announced today.
Matzie said the funding from the Pennsylvania Industrial Development Authority will help a successful area industry build on its success.
“Investments in thriving industries like Selectrode yield great returns for our district and region,” Matzie said. “Securing this new low-interest loan will allow Selectrode to purchase a 17,000-square-foot facility in Aliquippa, and the additional space will allow the company to enhance its metal-drawing operations, improve efficiency and productivity, and grow its base.
“That’s good for jobs, good for our community, and good for the local economy.”
Matzie said PIDA approved a 15-year, $687,500 loan at a 4.75% fixed interest rate to help Selectrode purchase the manufacturing facility at 100 Commerce Way in Aliquippa. The company plans to move equipment to the new building and made other modifications to free up space at its existing Aliquippa facility that will allow it to draw its own metal, open up its purchasing market, make customization possible and improve operations. The total project cost is $1.37 million.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs as well as for the development of industrial parks and multi-tenant facilities.
Loans can be used for land and building acquisitions, construction and renovation costs, machinery and equipment purchases, working capital and accounts receivable lines of credit, multi-tenant facility projects, and industrial park projects.