Ranger Scientific, a manufacturer of small arms ammunition, will be investing $7.5 million to locate its munitions factory at a former high school building in Montgomery, West Virginia.
The United States Department of Agriculture offered the company its Business and Industry Guaranteed Loan to help start up the new manufacturing facility. The loan will be used to fund the company’s acquisition of the old Montgomery High School building and along with an infusion of working capital, help pay for renovations, machinery and equipment.
“This last year alone, we invested $462 million in West Virginia, and in communities just like this,” USDA Rural Development State Director Kris Warner told West Virginia Tv state WSAZ. “To be eligible for any of our loans or grants, you have to be outside of the Charleston metropolitan area. We have 49 different programs that we can administer to help build healthy strong communities.”
“Our plan is to employ as many local people as we can,” Ranger Scientific CEO Daniel Pearlson said. “In fact, part of our process is to commence training to bring people up to where we can rely on them for all operations. Over the next five years, there will be manufacturing jobs, approximately 400.”