Governor Rell: Companies to Use $3.2 Million

In State Loans for Job Creation, Retention

Governor M. Jodi Rell today announced that $3.2 million in state loans will help four companies create and save hundreds of jobs through expanded business operations.

The funds, in the form of direct loans from the Connecticut Development Authority, will bolster operations in a variety of industries, ranging from auto parts and precision components manufacturing, stone fabrication and safety technology.

“We will continue to make solid investments in those efforts that create jobs and further strengthen businesses around the state,” Governor Rell said. “Keeping our citizens working is a priority and paramount to our recovery from this national economic downturn.”

The direct loans include:

·        $2 million to Global Steering Systems of Watertown, for additional machinery and the purchase of intellectual property from DriveSol to retain 130 jobs;

·        $700,000 to Stone Fabricators LLC, of Middletown, for new equipment to expand product line, increase sales and adopt a “green” manufacturing process;

·        $250,000 to Autotether Inc., of Chester, for market expansion;

·        $250,000 to SunnyCor Inc., of Terryville, for working capital and to add employees.

An arm of the state’s economic development team, the CDA has approved more than $10 million in financing to Connecticut businesses since January, an investment that has helped retain nearly 3,000 jobs and create 500 more.

For more information: www.ctcda.com