The Monroe County Commissioners voted unanimously on September 3 that a privately financed $3.1 million loan to Iridium Industries would be a benefit to the community. The Pennsylvania Department of Community and Economic Development will review Iridium’s application. If DCED deems the application worthy, it will be forwarded to a private lender who will finance the loan by floating $3.1 million in privately-issued tax free bonds.
Iridium will be used the money to acquire state-of-the-art manufacturing equipment, improving the plastic manufacturer’s competitive position.
The private funding vehicle, called a small issue industrial revenue bond, is used by state and local governments to help local companies find below-market interest rate private financing for initiatives that will increase or sustain employment.
Iridium has benefited from a number of state and regional grant and loan programs, while promising to create 207 jobs. In fact, the company has exceeded job creation expectations by more than 10 percent and currently employs more than 230 people.