CREDC Support Frees up Cash for Classic Rock Expansion
On: December 13, 2016 Filed Under: Chamber News
FOR IMMEDIATE RELEASE
HARRISBURG, PA (December 13, 2016) – Classic Rock Fabrication (Classic Rock), a wholesale stone fabrication business located in Harrisburg, has partnered with the Harrisburg Regional Chamber & Capital Region Economic Development Corporation (The Chamber & CREDC) to obtain financing toward the acquisition of their state of the art manufacturing facility. In its 55,000-square-foot facility, Classic Rock is the only fabricator in the region that produces every piece of countertop under one roof from cut to countertop. From the moment a rock slab comes through the doors it enters a technologically advanced process that allows the piece to be cut, tracked and fabricated to very fine detail. Classic Rock’s specialization of services to provide quality product is an aspect of the company that Alex Bazdar, CEO, feels sets the company apart from the competition.
For years Classic Rock has been looking for an opportunity to purchase the building where they currently operate. Alex Bazdar, Classic Rock’s CEO, commented, “CREDC allowed us to access unique financing that offered low fixed interest rates with less out of pocket for the purchase of the building. The opportunity freed up cash that allowed Classic Rock to invest in a sister facility in Pittsburgh that will double the company’s capacity, create new jobs and allow faster service to customers in the region.”
The Chamber & CREDC helped Classic Rock secure a 15 year 3% fixed rate PIDA (Pennsylvania Industrial Development Authority) loan for $1,100,000. That loan combined with financing from People’s Bank and equity contribution supported the purchase of their operating facility located at 931 Dana Drive, Lower Paxton Township, Harrisburg, Dauphin County, PA. With the purchase, Classic Rock has committed to retain all 69 existing full time jobs and is anticipating creating more jobs with its investment in new operating facilities in the region.
The financing structure provided by CREDC, in which Classic Rock was able to invest retained cash into expanding their business, is a perfect illustration of how economic development financing through CREDC helps locally owned businesses grow, expand and thrive. The Chamber & CREDC is excited to be a part of Classic Rock’s story. Financing opportunities such as this give borrowers the capacity and potential to make a larger impact within the region.
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. The Chamber & CREDC has been accredited with five stars from the United States Chamber of Commerce.