Manufacturing Jobs in Connecticut Get Funding
Posted on May 26, 2009
Investment in three companies will help create several manufacturing jobs in Connecticut.
Gov. M. Jodi Rell recently announced that the Connecticut Development Authority will offer $1.18 million in loans to help three Hartford area companies create and retain jobs through expanded business operations.
According to an article by the Hartford Business Journal Online, the three companies are:
The Bland Company – This West Hartford company has been around for 80 years. The company makes precision parts for aircraft engine manufacturers, submarines, Army tanks, space shuttles and nuclear component manufacturers. The company will use a $282,500 loan from the CDA and a $1 million loan from Farmington Savings Bank to expand its plant and add jobs.
The Fletcher-Terry Co. – Based in Farmington, this company makes and distributes high-quality cutters and serves the picture framing, retail hardware, sign and graphics and industrial glass industries. The company currently has more than 90 patents and has patents pending on a new cutting machine. A $400,000 CDA loan from Farmington Savings Bank will be used for working capital and will help keep 38 jobs.
Standard Metals Inc. – This Hartford company keeps a variety of metal and provides high-precision metal-cutting and machining services. Founded in 1978, the company employs 12 workers, but plans to add new staff members in the near future. The company will receive a $500,000 CDA loan from People’s United Bank for working capital.
Since January, the Connecticut Development Authority has approved almost $17 million in financing to businesses throughout Connecticut and has helped retain and create nearly 1,600 jobs.