North Central Pennsylvania Regional Planning and Development Commission’s EDA Revolving Loan Fund Gives Pennsylvania Manufacturer a Boost
EDA’s Revolving Loan (RLF) Program provides funding to state and local governments, nonprofits and political subdivisions to provide access to capital to U.S. small businesses that cannot obtain traditional bank financing. These loans enable small businesses to expand, lead to new employment opportunities and help retain jobs.
In 2017, J.I.T. Tool & Die, Inc. a world-class manufacturer in the powdered metal, plastics, medical and general machining industries located in Brockport, Elk County, Pennsylvania, utilized the North Central Pennsylvania Regional Planning and Development Commission’s (Commission) RLF to support two critical projects.
In March of 2017, the company utilized an RLF loan to acquire and install new equipment. The total project cost was $127,000 and costs were matched with $63,500 from the Pennsylvania Industrial Development Association. In July of 2017, J.I.T. accessed the Commission’s EDA RLF once again to transfer ownership and continue the legacy of this well-established business.
Thanks to funding provided by the Commission’s EDA RLF, J.IT. Tool & Die, Inc. is thriving, employing 32 full-time workers.
To learn more about EDA’s RLF program and how it’s helped other small business’ across the country, visit: www.eda.gov/rlf.