Thursday, November 21, 2002
THE VINDICATOR, YOUNGSTOWN
SHARON, Pa. -- The Shenango Valley Enterprise Zone will lend Paramount Games Inc. $150,000 to help the manufacturer of gaming and promotional tickets to expand operations.
The company is planning a $500,000 project that involves buying a new printing press and related equipment that will create seven jobs at its plant at 30 Mill St. in Wheatland.
The enterprise zone board of directors approved the loan Wednesday at 60 percent of the prime interest rate at the time of loan closing.
It's the third loan the zone has made to Paramount. The company borrowed $87,500 in January 1999 and still owes $33,000 on that debt. It borrowed another $150,000 in June 2001 and still owes $116,000 on that loan. Paramount had sales of $3.7 million in 2001 and $4.4 million during the first nine months of this year.
with projections to reach the $6 million mark in 2003, says information presented to the zone board.
In the latest project, Paramount will put up about $50,000 and finance the rest with the enterprise zone loan as well as a pair of $150,000 loans from Penn-Northwest Development Corp. and the Northwest Pennsylvania Regional Planning Commission.