Company creates finance jobs in Connecticut
Posted on March 30, 2016
The expansion of a company will create more finance jobs in Connecticut.
Bob’s Discount Furniture, a national furniture store chain, will expand in Manchester with a new project that will significantly increase the company’s space, retain 326 people, and create 125 new jobs in the next five years.
The Connecticut Department of Economic and Community Development (DECD) will provide a ten-year, $7 million low-interest loan to support the project. State funding may be used for machinery and equipment and leasehold improvements. In addition, the company is eligible for a $1.7 million grant to train employees and up to $11 million in tax credits through the Urban and Industrial Sites Reinvestment Tax Credit Program.
“Bob’s Discount Furniture is a great Connecticut story – and obviously a household name that will add more than 100 new jobs here. We’re committed to helping our small businesses expand in to large ones. This significant expansion is no doubt a step in the right direction,” Governor Malloy said. “Bob’s is committed to Connecticut, and Connecticut is committed to Bob’s. We’re proud to support this expansion project to grow jobs and grow our economy.”
“DECD’s partnership with Bob’s Discount Furniture is exciting news on all fronts,” DECD Commissioner Catherine Smith said. “This long-time Connecticut company will continue growing right here at home, at their original home, creating jobs and making capital investment in our state. The company and its employees support nonprofit organizations with sponsorships and charitable contributions, and every year it donates more than $2 million to charities, making Connecticut a better place for all.”
The proposed development is subject to further local and state approvals, which the company will initiate this spring.
“These long-term, permanent jobs are great for Manchester, the region and for Connecticut,” State Senator Steve Cassano (D-Manchester), who has been involved in the Bob’s negotiations for several months, said. “These are the types of private-sector projects that we need to be investing in if we are to keep Connecticut moving forward. I want to thank Governor Malloy and Commissioner Smith for all of their successful and hard work in securing Bob’s corporate headquarters right here in Manchester.”