The Northeastern Pennsylvania Alliance (NEPA) and the Northeastern Pennsylvania Industrial Resource Center (NEPIRC) presented McGregor Industries, Inc. with a $200,000 loan.
McGregor Industries, Inc. received a $200,000 loan through the NEPA Alliance Appalachian Regional Commission (ARC) loan fund as part of a total project costing $750,000 for the purchase of machinery & equipment. Other project funds consisted of $200,000 from The Northeastern Pennsylvania Industrial Resource Center (NEPIRC), $275,000 bank financing from People's Security Bank, and a $75,000 equity injection from the borrower.
McGregor Industries, Inc. was founded in 1919 and is headquartered in Dunmore, Pennsylvania. The business fabricates and installs miscellaneous metal components for buildings, artistic projects, and anything else requiring the cutting, bending, welding, and finishing of metal. They have built a reputation in the community as “the company that can do anything” with steel. Recently, McGregor has begun to succeed most in the fabrication and installation of tower stairs for residential and office buildings in urban areas.
These loan funds allowed McGregor to purchase new equipment necessary to keep up with their demand. Prior to funding, the business did not have enough capacity to meet the potential production volume for their customers' needs. NEPIRC also assisted the business by offering guidance to maximize their plant's capacity by improving flow and identifying opportunities for equipment modernization.
McGregor Industries employs 50 full-time individuals; and, they operate from a 32,325 square foot production facility situated on 6 total acres of land. These funds allowed the business to add an additional three full-time employees to their staff while retaining the existing employees.
The NEPA Alliance, a regional community and economic development agency, serves the seven counties of Northeastern Pennsylvania including Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill and Wayne. NEPA Alliance services include Business Financing, Government Contracting Assistance, International Trade Assistance, Non Profit Assistance, Transportation Planning, Research and Information, and Local Government Services. For more information about NEPA Alliance visit www.nepa-alliance.org or call 866-758-1929. “This institution is an equal opportunity provider and employer.”
