Adams Economic Alliance has helped Adams County businesses secure 147 low-interest, fixed-rate loans since 1996, and 57 of those loans have helped manufacturers. This is National Manufacturing Week, designed to promote the industry’s vitality, ending with Friday’s National Manufacturing Day on Oct. 4.
One of those manufacturers, Precision Cut Industries (PCI), received a $1.2 million low-interest loan facilitated through Adams Economic Alliance and Pennsylvania Industrial Development Authority (PIDA) in October of 2018. PCI, one of the largest laser-cutting contract manufacturers on the East Coast, is in the midst of a $2.4 million expansion of both office and manufacturing space at its Conewago Township, Adams County facility.
PCI manufactures metal laser-cut parts as well as fully-assembled products for a wide variety of customers across multiple fields and industries such as Volvo Construction, Schindler Elevator, Amtrak and numerous companies in the conveyor industry. Revenues exceed $25 million annually.
“Manufacturing continues to play a vital role in Adams County’s economy,” says Robin Fitzpatrick, alliance president. “PCI is one of many Adams County manufacturers that is thriving due to our dedicated workforce as well as its innovative growth mindset.”
The 15-year low-interest (2.75 percent) loan processed through the alliance’s Adams County Economic Development Corporation (ACEDC), PIDA and York Traditions Bank is assisting PCI’s expansion, slated to be completed in 2019.
Brian Greenplate, PCI’s president/CEO, says the expansion is fueled in part by two contributing factors, growth of existing customers and new customer demand.
“We see more and more of the OEMs (original equipment manufacturers) looking to design and sell their products, and they’re looking for manufacturers like PCI to support their manufacturing needs. We continue to see opportunities to support their growth, so we want to make sure we’re poised for continued growth into the future,” Greenplate says.
In August of 2019, the alliance assisted Laboratory, Analytical & Biological Services (LABS) of New Oxford in securing a Small Business Administration (SBA) 504 loan for $338,000 which is allowing the environmental testing company to purchase and renovate an existing Adams County facility, the former Interstate Paving facility, New Oxford, plus purchase updated equipment.
Formerly located in East Berlin, and founded more than 20 years ago, LABS is one of the leading environmental testing companies in Pennsylvania. The company performs water testing services for municipalities, commercial businesses, new construction, well drillers, home inspectors and realtors, as well as individual homeowners, in both Pennsylvania and Maryland.
“The loan means continued growth for our business, in terms of additional services, additional employees, and newer high-tech equipment which translates into faster results for our clients and overall, a more economical process for our technicians and company,” said Fred Richstien II, owner and co-founder of LABS.
“This is the first SBA 504 loan we’ve processed in Adams County through our partnership with EDC Finance Corporation of Lancaster, so it’s very exciting,” said Kaycee Kemper, alliance vice president.
“It is extremely rewarding to support a wide variety of businesses and industries in Adams County and see the results, new and improved places of employment, equipment that diversifies businesses’ services, jobs that support families, and taxes that strengthen our local economy. Many of our loan customers say they simply wouldn’t be able to apply for financing otherwise, the low interest, fixed rates make all the difference,” says Kemper.
To apply for a PIDA loan or find out more information, contact Kemper at 717-334-0042, ext. 2, or email her at email@example.com.