Economic Group Provides $1 Million Loan To Local Plant

Harrisburg PA

24 April, 2022

2:27 PM

Description

By NCPA Staff, NorthCentralPA.com April 24, 2022 A Lycoming County economic development group has secured a $1 million loan for a local manufacturing company that hopes to add an additional 100 workers. The Lycoming Economic Development Foundation (LEDF) announced Friday it had successfully closed on the million-dollar loan package to Chance Aluminum on Trenton Avenue, Williamsport. Chance Aluminum will be using the loan proceeds to help with the purchase of new manufacturing equipment to enhance its operations. Chance Aluminum purchased the former JW Aluminum plant in July 2021. They re-opened the plant and began aluminum production in November 2021. At the time of the closure, JW Aluminum employed 65 people. Chance Aluminum is in the process now of hiring 100 people at the local plant. "We would like to thank the Lycoming Foundation Team and Williamsport/Lycoming Chamber of Commerce that worked diligently together to close the loan," said Ying Jiang, vice president of personnel and public relations. "We are very grateful for the trust and investment LEDF bestowed on Chance Aluminum. This loan is an instrumental resource for Chance Aluminum team's mission — to revive and expand the Williamsport facility and grow together with the Lycoming community." Peter Bower, LEDF loan committe member, said the group is excited to work with Chance Aluminum as they work to bring back operations at the former plant. "Jack Cheng and his team at Chance Aluminum have already shown a commitment to the community in their efforts to hire 100 people at their plant," Bower noted. "We anticipate that this is only a start for them and look forward to their growth in becoming a key employer here in Lycoming County." The LEDF is a non-profit corporation organized on June 7, 1955. Its sole purpose is to promote the economic, commercial and industrial welfare and employment of Lycoming County. LEDF will consider loans ranging from $100,000 up to $1 million for Lycoming County industrial and commercial projects that provide economic enhancement to the community. For more information about LEDF, go to www.lycomingedf.com. NorthcentralPa.com provides the region with reliable, relevant, and real-time news, covering weather, community news and events, crime, police activity, local, regional, and national alerts, and PennDOT-reported road construction and conditions. We report on local and regional politics, offer a platform for nonprofits to report their news and events, and share obituaries. Scanner reports let readers know what's happening outside their homes the minute it happens.