A Philipsburg manufacturer received a $1.8 million loan from the state to construct a new facility that will help the company expand both its space and workforce.
Advanced Powder Products, which for the fourth year in a row made Inc. Magazine’s Top 5,000 list of the fastest-growing private companies in the United States, is using its loan to build a new, 27,000 square foot facility and hire more workers.
“Manufacturing is alive and well in Pennsylvania, and this loan will allow Advanced Powder Products to continue to grow and prosper here in Centre County, supporting local, family-sustaining jobs and positive economic development,” state Rep. Scott Conklin said in a press release. “These funds will not only retain the current level of jobs at the facility but also provide an additional 15 full-time jobs within the next three years.”
The low-interest loan for the roughly $3.7 million project was secured through the Pennsylvania Industrial Development Authority, which loans funds to businesses in the commonwealth that commit to creating and retaining full-time jobs and also supports the development of industrial parks and multi-tenant facilities. Moshannon Valley Economic Development Partnership assisted APP in its loan application, said Nick Eidem, APP director of business development.
Stan LaFuria, executive director of the MVEDP, said the partnership is a Certified Economic Development Organization, meaning it can assist any business in Centre County with a PIDA loan application “to help them get favorable financing.”
APP built a new parking lot earlier this year, and the company plans to build its new facility where its current parking lot is located, said Eidem.
LaFuria said the impact of APP’s expansion is “huge,” because taking the company from 75 to 90 employees over three years increases spending power and allows the manufacturing economy in Moshannon Valley to flourish.
“(APP) is another example of growth and success of these manufacturers around here,” he said. “And they have such great leadership, management, and then the banking community is a very good banking community here.”
APP specializes in metal injection molding and 3D metal printing for various industries, including the automotive, firearms, medical, industrial and defense industries. The company has been in Centre County for over 20 years, with offices in the Moshannon Valley Regional Business Park outside Philipsburg.
“Our motto here is, we’re shaping American manufacturing,” said Eidem. “This (loan) will help us expand our capacity, it’ll help us expand vertically .... it’ll help us create technology-driven jobs (and) advanced manufacturing methods.”