Hermitage OKs loan for couple
HERMITAGE, Pa. -- The city will lend Eric and Barbara Graven $100,000 to help them start up a stone products business.
Custom Stone Products Inc. will be at the northeast corner of Broadway Avenue and Kirila Road.
The city money will come from its Revolving Loan Fund set up to help new or expanding companies in Hermitage. City commissioners approved the loan Tuesday.
Custom Stone will repay the debt at 3.5 percent interest over seven years.
Production line: The company will produce fabricated stone, granite, marble, limestone, slate and onyx products such as countertops, fireplace surrounds and hearths, tabletops and other home furnishings.
It's a $454,360 project. Mercer County Industrial Loan Fund will come up with a $150,000 loan, and the Shenango Valley Enterprise Zone will provide another $150,000 loan.
The company will put up $54,360.
The project cost covers buying the land, erecting a 7,800-square-foot building and buying and installing machinery and equipment.
Custom Stone Products will employ seven people.