Friday, May 8, 2009

Stimulus Loans for PA Businesses

Solar Power Industries in Westmoreland County has received a $2 million stimulus loan approved by the Pennsylvania Industrial Development Authority to acquire and renovate two existing buildings. It's among several other companies throughout the state that received similar loans, totaling $8 million.

Solar Power Industries Chief Financial Officer Mike Bornak says there are now 170 employees at the company, and expects between 200 and 210 employees by the end of this year. He says the company is very grateful to receive the loan.

"The solar market is pretty exciting right now," says Bornak. "With the stimulus package we're hoping [the business] really takes off."

Selectrode Industries, a maintenance and repair welding alloys company with its factory in Aliquippa, received a $1.8 million loan.

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