North Carolina RIA approves funding for Elite Tube and Fab, Metcore Industrial Solutions

The North Carolina Rural Infrastructure Authority (RIA) has approved a $750,000 loan to support the reuse of a vacant building in Lexington, N.C., by Elite Tube and Fab Co. The company, a subsidiary of Steele Tube Inc., manufactures sheet metal parts used by NASCAR® racing teams, as well as coils utilized by North Carolina furniture manufacturers. Elite Tube will create 38 new jobs at the location.

The project includes roofing, electrical, plumbing, and HVAC repairs to the building, which was constructed in the 1940s and has been vacant for the past year. The loan is part of a total capital investment of $4.25 million being made in the project.

The RIA also has approved a $150,000 grant to support the reuse of a vacant building in Williamston, N.C., by Metcore Industrial Solutions. The company, a manufacturer of high-precision sheet metal components and assemblies for use in agriculture and other industries, will create 12 jobs. Upgrades include HVAC and electrical systems and the addition of office space. The building was constructed in 1986 and has been vacant for nearly three years. The grant is part of a total capital investment of $881,000.