2010 Archives
Cumberland County's Lafferty Lumber receives Loan through CREDC
HARRISBURG, PA (June 2, 2010) - The Harrisburg Regional Chamber & CREDC (HRC/CREDC), a certified lender for Dauphin, Cumberland and Perry counties, announced today that it partnered with Wachovia Bank to provide financing to Lafferty & Company, Inc. located in Lemoyne, Cumberland County. The financing package enabled the company to install a 76.860 KW solar photovoltaic system solar panels on their warehouse which is projected to save the company up to 20% in electricity expenses. The project was recommended to the company by Mantec who has spent time consulting with Lafferty and examining their manufacturing processes. The project will help Lafferty remain competitive and retain 20 full time jobs.
Lafferty Lumber was first established in 1915 in Lemoyne, PA by Mr. L.N. Lafferty. This company is a manufacturer of kiln dried and planed lumber. They buy hardwood lumber from local saw mills throughout the Appalachian region as well as Canada, Central and South American and Africa. They then kiln dry it and plane it for wholesale distribution to their customer base. The current owners, Eudell Bivens and Michael Garner, gained control of the company in 1982.
HRC/CREDC provided a Small Business First (SBF) loan in the amount of $200,000 toward the project. Additional funding was provided by Wachovia Bank, the PA Sunshine Fund, Federal Tax Credits and equity contributions. Total project costs were approximately $470,000. The project will help retain 20 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 important 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.
Sheryl Delozier, of the Pennsylvania House of Representatives, representing the 88th legislative district stated, "I congratulate Lafferty Lumber for taking advantage of the opportunities the Harrisburg Regional Chamber & CREDC provides to our local businesses. I commend Lafferty Lumber for working to conserve our important Energy resources while remaining a competitive employer in Central PA."
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.
