State Loans $5 Million to Sno Mountain
SAM Magazine-Scranton, Pa., Apr. 27, 2007-As part of a $13 million statewide package of grants and low-interest loans, the State of Pennsylvania has awarded a $5 million Machinery and Equipment Loan Fund (MELF) loan to Sno Mountain to assist with the development of snowmaking at the resort. Sno Mountain, formerly known as Montage Mountain, was purchased last fall by a group of private investors from Philadelphia who have committed nearly $20 million in improvements, including vastly upgraded snowmaking and construction of a water park.
A total of 47 grants, low-interest loans and loan guarantees were approved yesterday by the Commonwealth Financing Authority. "In every corner of the state, we are making investments in the future of Pennsylvania," said Governor Edward G. Rendell. "From an electro-mechanical products manufacturer in Centre County, to a family restaurant and farmers' market in McKean County, we're working to create new opportunities for Pennsylvania's hardworking men and women in a wide array of fields."