One Lancaster County business will get a new headquarters site and another will expand and add 15 new jobs thanks in part to a total of about $4.6 million in low interest state loans.
U.S. Boiler Company LLC and Thermal Solutions Products LLC will construct a new 45,650-square-foot warehouse addition at its 2930 Old Tree Drive location in East Hempfield Township and purchase equipment to establish a dedicated assembly line for the company’s residential condensing boiler business, adding 15 jobs.
The warehouse addition was approved for a 10-year, $2 million loan at a 3.75% reset interest rate and it will also get a 10-year, $689,072 loan at a 4.75% fixed interest rate for the assembly line equipment.
The company’s total cost for the projects, which were announced last year, is $5,378,145.
Gen 22 Partners LLC, the real estate holding entity for Weaver Companies Inc., was approved for a 10-year, $2 million at a 4.25% reset interest rate to purchase a commercial property located at 160 Ewell Road in East Earl that will serve as the new headquarters for Weaver Companies.
The construction and roofing company’s headquarters will consist of a 31,120-square-foot main building and a 5,424-square-foot vacant detached garage. Weaver Companies will use the main building for its operations and Shady Maple RV will renovate and lease the garage building.
Additional project financing includes $4,615,000 in seller financing. The total project cost is $7 million.
The recently announced Pennsylvania Industrial Development Authority loans are through EDC Finance Corporation, the financial arm of EDC Lancaster County, the county’s primary economic development agency.
PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs, as well as for the development of industrial parks and multi-tenant facilities.
