National Magnetics Group, Inc., has added 30,000-square-feet in manufacturing and warehousing space at its Bethlehem facility with the help of a $951,000 Pennsylvania Industrial Development Authority (PIDA) loan, which the Lehigh Valley Economic Development (LVEDC) helped it obtain.

National Magnetics is a leader in the manufacturing of technical ceramics, magnetics, advanced materials and powdered iron cores.

“LVEDC and the Northampton County New Jobs Corp. helped us identify a financing resource that really reduced our cost of capital for this project,” said Paul Oberbeck, President, National Magnetics Group, Inc.

“We are very thankful for the work they do to help companies like ours. Resources they administer, like the PIDA program, really do help companies grow in the Lehigh Valley,” Oberbeck said.

LVEDC and its partners provide low-cost financing for businesses in the Lehigh Valley that are expanding, purchasing or improving real estate or buying machinery and equipment.

Information: lehighvalley.org