CAN DO, in its role as a certified economic development organization for Luzerne County, assisted Summit Utility Structures, LLC, obtain a $1 million Pennsylvania Industrial Development Authority (PIDA) loan the company will use to purchase machinery and equipment for its relocation to an existing industrial facility at Valmont Industrial Park in West Hazleton Borough.
Summit Utility Structures, a producer of tubular poles for use in the utility, lighting, transportation and communication industries, was approved for a 10-year loan at a 3.75 percent rate through CAN DO’s partnership with the Pennsylvania Department of Community and Economic Development. The funding also includes a $100,000 working capital line of credit, which will assist the company in purchasing steel required for its manufacturing process.
The company’s expansion project is expected to create at least 25 full-time jobs and retain another 42 jobs in the next three years.
CAN DO Economic Development Specialist Charles McElwee III said, “CAN DO has assisted Summit Utility Structures with financing in the past and we were delighted to assist them once again with the PIDA process. This funding will be critical to the company’s continued expansion, which is going to result in more jobs for Greater Hazleton residents.”
In addition to machinery and equipment purchases, CAN DO helps businesses obtain PIDA loan funding for a variety of projects, including land and building acquisitions, along with construction and renovation costs.