Business near Philipsburg approved for state loans to support nearly 200 jobs, rebuild after fire
A manufacturing company near Philipsburg was approved for two low-interest loans that are expected to support nearly 200 jobs and help the company rebuild its production facility that was severely damaged by a fire last year.
Advanced Powder Products, 301 Enterprise Drive in Rush Township, secured nearly $3 million from the loans handed out by the state. State Rep. Scott Conklin, D-Rush Township, said the funding is “terrific news” for the business and the Moshannon Valley.
The funding includes a 15-year, $2.25 million loan at 3.75% interest and a seven-year, nearly $701,000 loan at 4.75% interest.
The loans are expected to allow the metal injection molding and 3D metal printing manufacturer to build a new 29,000-square foot production facility and purchase new advanced technology machinery. The total cost of the project is $7.47 million.
Fifteen new jobs are expected to be created, as well as the retention of 165 full-time jobs.
“It’s going to be exciting seeing this dynamic manufacturer rebuild to former capacity — and seeing those jobs and economic benefits flowing back to our region,” Conklin said in a statement Thursday.
Messages left with the business and the Moshannon Valley Economic Development Partnership, which helped secure the loans, were not immediately returned Friday.
A February 2023 fire caused extensive damage to the business’ production facility and left a worker with minor burn injuries.
