Leali Excavating gets loan for building

THE VINDICATOR
SHARON, Pa. -- The Shenango Valley Enterprise Corp. is lending a Hermitage company $150,000 to help it build a warehouse for CCL Container, which manufactures aluminum dispensers for cosmetic and other industries.
Leali Brothers Excavating will build the 50,000-square-foot facility on property it owns on the south side of Broadway Road, directly across the street from the Hermitage sewage treatment plant. CCL will lease the warehouse when it's completed.
The location is about one-quarter mile from CCL's can manufacturing plant on Llodio Road in Hermitage, said John Evans, chairman of the Enterprise Zone's loan committee.
The project has a total price tag of $651,000 and Leali plans to borrow $150,000 from the city of Hermitage and $226,000 from a bank. The rest will come from company equity, Evans said.
The Enterprise Zone rate is 60 percent of the prime rate plus 1 percent, or about 3.4 percent, for a maximum of 10 years.
The Enterprise Zone normally requires some job creation with its loans but isn't doing so in this case.