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Kovatch obtains $1.5M Pa. bond

Published November 19. 2009 05:00PM

State Rep. Keith McCall, D-Carbon, and the Carbon County Economic Development Corporation announced that Kovatch Mobile Equipment of Nesquehoning was awarded a $1.5 million bond to help finance renovations and expansion of its fabrication, paint and training facilities.

"Kovatch Corporation is a perfect example of a business that also is a great neighbor and community asset," McCall said. "I was proud to advocate for this funding, and I know that this investment in a more modern facility and a better-trained workforce will help Kovatch improve their already outstanding product lines and get more trained employees on the job. It's a win-win scenario for Carbon County."

The bond is part of the Pennsylvania Economic Development Financing Authority's Bond Program, which pools projects together to reduce the cost of acquiring private bank financing to help state-based companies pay for land acquisition, new buildings and equipment, and refinancing of existing debt, up to $10 million.

Larger bonds with no upper limit also are available for major projects.

"As one of our biggest employers, Kovatch is an integral part of the overall economic strength of Carbon County," said Dawn Ferrante, director of the Carbon County Department of Economic Development. "These monies will enable them to remain competitive and keep adding jobs to our area, which is critical in these tough economic times. The PEDFA program is an excellent, low interest option to assist our local manufacturer's and larger businesses."

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