US TREASURY WILL PAY UP TO 40% OF A MANUFACTURER’S INTEREST EXPENSE TO FINANCE EXPANSION PROJECTS.
Are you a manufacturer? Are you expanding? Are you investing in real estate or equipment? If you answered yes to these questions then you probably qualify for a huge subsidy from the US Treasury. The feds will subsidize up to 40% of your interest expense to fund your expansion project.
Here is an example of a company that could take advantage of the program:
Custom injection molder Gemini Plastics Inc. has invested about $1.5 million in capacity expansion and upgrades to keep up with expected sales growth of 20 percent this year.
“We’re getting out to be proactive and to try to diversify,” Gemini business development manager Bob Holbrook said in a phone interview.
In the past nine months, the privately-owned company has installed five new Nissei injection molding presses with clamp forces ranging from 110 to 500 tons and a 140-ton Haitian press at its headquarters plant in Fallsington, Pa., and in Chihuahua, Mexico, for new business and growing orders with existing customers. It also bought three new Yushin robots and two Matsui dryers and improved computer capabilities.
Holbrook said customer growth in North America is the key driver for the company’s climbing sales but Gemini is also alert to any reshoring molding work that could land from overseas. He declined to provide sales figures.
Gemini has a diverse customer base in electronics, industrial, consumer and point of purchase display markets. The expansion program has created 12 new jobs, bringing the company roster to more than 150. The firm’s President, CEO and owner Alan Breece founded Gemini in 1969 as a custom molder. It has grown to about a 40-press business, ranging in size from 28 to 500 tons of clamping force.