The Maryland Department of Business and Economic Development joined Queen Anne’s County Board of Commissioners to announce approval of $300,000 in conditional grants to help fund an expansion of Paul Reed Smith Guitars in Stevensville, Maryland.
The State, through DBED, approved a $100,000 conditional grant and the County approved a $200,000 conditional grant to assist the legendary guitar manufacturer introduce a new line of acoustic guitars. As a result of the expansion, the company expects to add 20 new full-time employees over the next three years. PRS Guitars, the largest full-time private employer in the county, also agrees to stay in the county for the next 10 years.
“Growing from a small operation more than 30 years ago to now one of the top electric guitar makers in the world, PRS is certainly one of the rock stars of Maryland’s business community,” said Maryland Department of Business and Economic Development Secretary Mike Gill. “We are pleased to continue to play a role in the company’s growth and success.”
“We are ecstatic that PRS continues to invest and expand its headquarters and manufacturing operations in Queen Anne’s County. The economic impact and name recognition they bring to our community is tremendous. PRS is a great example of how the County’s workforce, location and business climate support high caliber international companies.” said Queen Anne’s County Commissioner Paul Comfort.
“We are very excited that the State and County have approved the grants that will enable PRS to begin the expansion of our acoustic production,” said PRS President Jack Higginbotham.
?Through a $1.5 million loan and tax exempt bond issuance, DBED assisted the company with a significant expansion that began in 2006, when an 89,000 square-foot addition was made to the Stevensville facility to create a much larger state-of-the-art factory floor. This expansion allowed PRS to introduce their S2 Series of guitars in 2013. Standing for “Stevensville 2,” the S2 Series offers Maryland-made guitars at a new pricepoint for the company of around $1,200 - $1,400 per guitar.