Governor Rell: Companies to Use $1.18 Million

In State Loans for Job Creation, Retention

Manufacturers in West Hartford, Farmington and Hartford to Benefit

Governor M. Jodi today announced that $1.18 million in state loans will help three companies create and retain jobs through expanded business operations.

The funds, approved and guaranteed by the Connecticut Development Authority, will assist a defense and aerospace contractor in West Hartford, a metal-cutting business in Hartford and a manufacturer and global distributor of substrate cutters in Farmington.

“The State of Connecticut is committed to helping employers grow and thrive in the best – and worst – of economic times,” Governor Rell said. “Keeping jobs and growing jobs are essential to our financial recovery and I applaud the CDA for endorsing these prudent and promising investments.”

Since January, the Connecticut Development Authority has approved nearly $17 million in financing to businesses across Connecticut and has helped retain and create close to 1,600 jobs.

The latest loan recipients are:

·    The Bland Company of West Hartford is an 80-year-old manufacturer of precision parts for aircraft engine manufacturers, submarines, Army tanks, space shuttles, and nuclear component manufacturers. The company plans to use a $282,500 loan from the CDA and $1 million loan from Farmington Savings Bank to expand its plant and add jobs.

·    The Fletcher-Terry Company of Farmington makes and distributes high-quality substrate cutters and serves over 60 counties in industries such as picture framing, retail hardware, sign and graphics, and industrial glass. The company has more than 90 patents and currently has patents pending on a new cutting machine. A $400,000 CDA-guaranteed loan provided by Farmington Savings Bank will be used for working capital and will help the company retain 38 jobs.

·    Standard Metals, Inc., of Hartford stocks a variety of metal and provides high-precision metal-cutting and machining services. The CDA endorsed a $500,000 loan for working capital in participation with People’s United Bank. Founded in 1978, the company employs 12 people, but expects to be adding to its staff in the coming months.

            The CDA is a member of the state’s economic development team, stimulating investment in commercial and industrial businesses and creating jobs that contribute to the state’s economy, technology base, intellectual capital and infrastructure.

For more information: www.ctcda.com