Fay-Penn loans $200,000 to local firms for expansion
Fay-Penn Economic Development Council has announced loans totaling $200,000 from its revolving loan fund to three area businesses. Fay-Penn has approved a $50,000 loan to CJC Investments; $50,000 to Tim Grindle; and $100,000 to UH Structures.
The loans were announced at Fay-Penn’s quarterly meeting Friday.
Through its Downtown Revitalization Loan Fund, Fay-Penn’s $50,000 to CJC Investments will assist in purchasing the former Cardello Electric Co. building on East Fayette Street. CJC Investments is leasing the property to Hibbs Awning Co. Hibbs outgrew its former site at 91 S. Mt. Vernon Ave., Uniontown. Additional funding for the project includes $200,000 from National City. Total project cost is $291,400 and will result, according to Fay-Penn, in creating two new jobs over the next three years and retaining six jobs.
Fay-Penn’s loan to Grindle was applied to purchasing a commercial building at 20-26 E. Fayette St., which is currently leased to Fox’s Pizza and City Business Machines. There is 10,000 square-feet of vacant office or warehouse space in the structure. Grindle has been in business since 1985 and established T’eaz and Grindle Insulation in the former Penn Central Railroad station on Pittsburgh Street. He also owns other commercial properties in Uniontown and Hopwood. Additional funding for the $287,000 project includes $200,000 from Centra Bank. The project will retain four jobs, Fay-Penn said.
Fay-Penn also assisted UH Structures in its purchase of Ebtech Industrial offices. Ebtech is a 13-year-old manufacturer of modular in-plant offices, preassembled buildings, tanning walls, clean rooms and mezzanines. Ebtech will lease 15,000 square-feet in Fay-Penn’s Tedseco building in the Connellsville Industrial Park off Route 119 north. The total project cost is $250,000 and will create 10 jobs, according to Fay-Penn. Additional funding includes $100,000 from Community Bank.
Businesses interested in the Fay-Penn capital loan funds can call Barry Senari, Fay-Penn manager, at 724-437-7913.