Senator Michele Brooks is pleased to announce that Penn-Northwest Development Corporation was awarded a $700,000 Pennsylvania Industrial Development Authority (PIDA) loan on behalf of Austin Rubber Company, LLC to assist in locating a manufacturing business at ILSCO Extrusions in Greenville.
‘Partnering with Penn-Northwest and Austin Rubber to bring in this innovative business is a great benefit to our area,’ said Senator Brooks. ‘I look forward to continuing to work with Austin Rubber to further strengthen our local economy and want to thank them for their significant personal investment.’
Austin Rubber, a wholly-owned subsidiary of Green Source Holdings, LLC, produces recycled rubber using a patented, solvent-based rubber devulcanization process that is transforming the shoe industry. Additionally, this process has the potential to grow significantly into other markets, including industrial supplies, tubing and tires.
‘I am also grateful to ILSCO for their continuing commitment to expanding the complement of businesses at this site, and in turn, increasing the number of jobs in our community,’ said Senator Brooks.
PIDA is an independent authority staffed and regulated through the Department of Community and Economic Development. The Authority provides capital for building acquisition, construction and renovation work, machinery, and equipment loans along with working capital line of credit loans, primarily for manufacturers, industrial developers, research and development firms, agricultural processors and employers looking to establish national or regional headquarters in Pennsylvania.