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Elk County Employer Grows With Help of State Investments, Pennsylvania Governor Rendell Says

Posted on: Wednesday, 8 April 2009, 13:25 CDT

HARRISBURG, Pa., April 8 /PRNewswire-USNewswire/ -- A small business in Elk County is a textbook example of how strategic investments made by state government can help nurture a company's development from the ground up, Governor Edward G. Rendell said today.

Sinterfire, which makes lead-free, environmentally friendly ammunition, recently received its fourth $200,000 Small Business First loan from the Department of Community and Economic Development. The loan enables the Kersey-based firm to buy equipment that will help it increase manufacturing capacity by 20 percent, expand its customer base, and retain 25 jobs.

"Sinterfire is a case study of a company that took full advantage of the services provided by the commonwealth and leveraged them to expand and grow," Governor Rendell said. "The company's success is also a reminder of what can be accomplished through public-private partnerships, even in a troubled economy."

In addition to the DCED loan, Sinterfire also leveraged a market access grant from DCED's Office of International Business Development to help it develop international markets. Sinterfire's bullet casings are now sold in the United States, Europe, Canada, Australia and, most recently, Singapore.

Small Business First is a DCED financing program designed to help businesses with fewer than 100 employees. The program includes low-interest loans for land and building acquisition and construction, machinery and equipment purchases, and working capital.

"The Small Business First program is a vital resource in Pennsylvania that nurtures small businesses and ultimately contributes to a vibrant business dynamic in the commonwealth," said Dorothy Kaplan, DCED's deputy secretary for business assistance.

In the past three years, the Small Business First loan program has approved nearly 300 projects totaling more than $44 million. It has also created nearly 2,000 jobs; retained another 6,000 positions; and leveraged nearly $130 million in private investment.

"Small businesses are a huge economic driver for Pennsylvania and one of our biggest sources of jobs," said Governor Rendell. "There are 239,000 small firms in the state that employ more than half of the Pennsylvania workforce. It is critical that we continue to support these small businesses so they can thrive today and be positioned for even stronger growth once the economy rebounds."

For more information about Small Business First and other DCED programs that assist businesses in Pennsylvania, visit www.newPA.com or call 1-866-466-3972.

The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us.

CONTACT: Jamie Fulginiti (DCED) 717-783-1132 Michael Smith 717-783-1116

SOURCE Pennsylvania Office of the Governor

Source: PR Newswire

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