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ALLENTOWN, PA-Lehigh Valley Economic Development Corp., in cooperation with Lehigh’s Economic Advancement Project Inc. have provided a $769,500 loan to locally based Spartan Brands from the Pennsylvania Industrial Development Authority. Spartan will use the funding to purchase the 79,500-sf building it now leases at 1236 Sesqui St.

It will use $125,000 of the loan to renovate 43,000 sf of the building into expanded manufacturing space. The total project cost is estimated to exceed $2.5 million. Spartan lays claim to being the world’s largest manufacturer of ethnic accessories and also manufactures ethnic hair care products for Wal-Mart, Sally’s Beauty Supply and other retailers. It has occupied the Sesqui St. property since 2004.

“Given the potential growth opportunity here in the region, our company felt that it was in our best interest to purchase the current leased facility, which will allow our company to expand our product offerings and improve our operating margin,” says Eli Motovich, Spartan VP, in a statement. “With the help of PIDA and Wachovia Bank we can accelerate our growth in the Lehigh Valley.”

The PIDA loan carries a fixed interest rate of 3.25% for a 15-year term. LVEDC administers the non-profit Lehigh County Industrial Development Corp.’s financing program.

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