Spinal Implants Manufacturer Receives Loan for Lehigh Valley Expansion
By Colin McEvoy on October 11, 2019
Earlier this summer, Tyber Medical announced plans to expand its manufacturing operation in Hanover Township, Northampton County, continuing a pattern of consistent growth since the company relocated to the Lehigh Valley from New Jersey four years ago.
Now, the state of Pennsylvania has announced that Tyber Medical will receive a $400,000 loan to purchase machinery and equipment to be used at its new 35,000-square-foot leased manufacturing facility.
“By making continued investments in projects across the commonwealth, we’re creating jobs, supporting businesses, and making Pennsylvania a better place to live and work every day,” Pennsylvania Gov. Tom Wolf announced on Oct. 9. “These projects will benefit both businesses and their surrounding communities, providing welcome economic boosts in these regions.”
Tyber Medical, a manufacturer of orthopedic and spinal implants, is investing more than $7 million in an expansion that will support the creation and retention of a combined 86 jobs in Lehigh Valley, more than doubling the company’s workforce and size.
The Lehigh Valley Economic Development Corporation (LVEDC) has long worked with Tyber Medical, assisting with the new loan as well as providing information about financing options and economic and workforce data, working in collaboration with the Pennsylvania Governor’s Action Team.
“This project is an excellent example of the spirit of collaboration here in Lehigh Valley,” said Don Cunningham, LVEDC President & CEO. “Many stakeholders came together to make this expansion possible, and we’re grateful to our partners in Northampton County and the Commonwealth of Pennsylvania for all the resources they’ve brought to the table.”
The $400,000 loan was approved through the Lehigh Valley Economic Investment Corporation, for which LVEDC provides administrative services. It is a 10-year Pennsylvania Industrial Development Authority (PIDA) loan at a 2.75% fixed rate.
Tyber Medical’s new 35,000 square-foot space is adjacent to their current facility at Lehigh Valley Industrial Park IV. The company is also renovating its existing facility and purchasing new equipment and job training for new and existing employees.
In total, the project is expected to create 35 new full-time, high-paying jobs, and allow for the retention of 51 existing jobs over the next three years, according to Jeff Tyber, President & CEO of Tyber Medical.
“We are excited to have the continued support of Governor Wolf and the Commonwealth of Pennsylvania to expand our headquarters to accommodate the company’s rapid growth and future plans,” Tyber said. “Our focus to excellence within the orthopedic device industry has yielded extraordinary growth that we are meeting by attracting talent throughout the Lehigh Valley area.”
In addition to the newly-announced loan, Tyber Medical previously received a $100,000 job creation grant through the Northampton County Industrial Development Authority, for which LVEDC also provides administrative services.
“Tyber Medical is another example of the fantastic companies that are experiencing growth and success after investing in our region,” Northampton County Executive Lamont McClure previously said. “It’s companies like this that have helped make the manufacturing sector so strong here in Northampton County and Lehigh Valley.”
Wolf’s announcement of the Tyber Medical loan was part of more than $12 million in loans announced for eight businesses across five Pennsylvania counties through the state’s PIDA program.
PIDA provides low-interest loans and lines of credit to Pennsylvania businesses that commit to creating and retaining full-time jobs within the commonwealth, as well as for the development of industrial parks and multi-tenant facilities.
PIDA is currently offering interest rates between 1.75 and 2.75 percent for applications received by December 31. So far in 2019, PIDA has approved $34.9 million in low-interest loans that have resulted in $56 million in private investment and supported 1,145 created and retained full-time jobs, according to the state.
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