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PHILADELPHIA-The Pennsylvania Economic Development Financing Authority has granted a $2.9-million loan to Westmoreland County, PA-based Premium Molding LLC for construction of an 80,000-sf manufacturing facility in the Westmoreland Airpark in Unity Township, outside Greensburg, PA. Premium, a manufacturer of extrusion, blow-molded components for medical devices, toys and lawn equipment, will relocate from its current Derry Township facility, retaining 70 employees and hiring an estimated 14 more over the next three years.

The loan covers construction and the purchase of machinery and equipment. Construction will begin this fall.

Economic Growth Connection of Westmoreland County, a private economic development corporation, helped Premium obtain the PEDFA financing. Terms of the loan were not disclosed. Interest rates for PEDFA loans typically vary according to prime and are generally 75% lower than prime.

PEDFA loans for construction or acquisition of industrial and manufacturing facilities and the purchase of machinery and equipment are tied to job retention and growth.

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