2009 Archives
The Harrisburg Regional Chamber & CREDC Provides Financing to Support Growth of American Westech, Inc.
THE HARRISBURG REGIONAL CHAMBER & CREDC PROVIDES FINANCING TO SUPPORT GROWTH OF AMERICAN WESTECH, INC.
HARRISBURG, PA (May 5, 2009) - The Harrisburg Regional Chamber & CREDC (HRC/CREDC) announced today that it partnered with Sovereign Bank to provide financing to American Westech, Inc. The financing package enabled the company to buy and make improvements to a building located at 4359 Linglestown Road, in Lower Paxton Township, Dauphin County. The building provides the company with additional space, which will support the retention of 22 full time jobs and the creation of 3 new full time jobs over the course of 3 years.
American Westech, Inc. was founded in 1999 and has grown steadily since inception. The company provides environmental testing of drinking water, storm water, waste water, solid waste, hazardous waste, and air. In addition to lab work, Westech also provides its clients additional support in the areas of health and safety compliance, industrial hygiene, commercial building & real estate transactions and training and education. Owner, President & CEO Frank Stossel is excited about many new things in which the company is engaged, but one of the most noteworthy involves the medical research studies his company is working on which may one day use a person's breath sample to diagnose lung cancer as well as other diseases.
HRC/CREDC provided a Small Business First (SBF) loan in the amount of $200,000 in conjunction with Sovereign Bank financing and equity contributions. Total project costs were approximately $1.0 million. The project will help retain and/or create 25 full time jobs within three years. The SBF loan program is designed to stimulate the expansion and assist in the retention of small business for the purpose of creating new jobs and retaining existing jobs in Pennsylvania. This program is administered by the Commonwealth's Department of Community and Economic Development and is funded with the ongoing support of the Administration and the General Assembly.
The Capital Region Economic Development Corporation (CREDC), is the economic development arm of the Harrisburg Regional Chamber, and is the leading organization for promoting and performing economic development activities in Cumberland, Dauphin and Perry counties. The group offers a variety of programs and resources to help attract, retain and expand business in the region.
The Harrisburg Regional Chamber & CREDC serves as a catalyst for promoting growth and quality of life in Cumberland, Dauphin and Perry Counties by providing a unique blend of business, community and economic development and advocacy services under one roof to boost our economic vitality and livability as a region. HRC/CREDC has been accredited with four stars from the United States Chamber of Commerce.
