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Peerless Clothing International, Inc.Local Development Corporation Loan Program
Peerless Clothing International, Inc. (PCI) is an affiliate of Peerless Clothing, Inc., the largest North American manufacturer of men’s fine tailored clothing. PCI serves as the U.S. warehouse and distribution center for Peerless’ U.S. market. Since l997, Peerless has been leasing 124,200 sq. ft. of space in the St. Albans Industrial Park on property owned by Franklin County Industrial Development Corporation (FCIDC).
To keep pace with current sales demands, PCI needed to expand its distribution and warehouse capabilities. In July 2005, VEDA approved an $880,000 Subchapter 3 loan to FCIDC for the purchase of the former A.N. Deringer building in the St. Albans Industrial Park. In April 2006, VEDA approved an additional $4.0 million in financing to FCIDC as part of an $11.9 million project which included constructing an 83,740 sq. ft. addition to the recently-acquired building to meet the demand for additional warehousing and distribution space. By completion of the project, it is estimated PCI will have created 260 jobs since its move to St. Albans nine years ago.
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Loans to nonprofit local and regional development corporations to build facilities for lease to identified eligible tenants.
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