Governor Rell Announces Loans to Help  

Ellington and Uncasville Companies Retain Jobs

            Governor M. Jodi Rell announced today that state has approved financing to help two longtime Connecticut companies retain jobs.

“Family-owned small businesses are the backbone of Connecticut’s economy,” said Governor Rell. “It is vital that our state and economic partners help these businesses grow and prosper, especially in uncertain economic times.”

                Ellington-based Rice Packaging is a second generation, family-owned business that began operations in 1964, and specializes in manufacturing custom-made packaging products. A $500,000 loan will be combined with $1 million loan from People’s United Bank for working capital and increased inventory availability.  Additional funds from the Small Business Administration (SBA) will allow Rice Packaging to refinance existing debt and provide cost savings. This collaborative financing package will help the company retain its staff of 60 full-time employees in Ellington.

                A direct state loan for $500,000 will benefit The Thomas G. Faria Corporation of Uncasville. For 50 years, Faria has been manufacturing instrument gauges used in the marine and commercial industries, as well as military vehicles, heavy equipment, and riding mowers. The loan will be used for working capital and will help the company retain its workforce of 172 employees; one of the largest employers in the area.

The Connecticut Development Authority (CDA) Board of Directors approved the funding.  Since June 30, 2008 the CDA has approved over $30 million in loans and guarantees to businesses across Connecticut, helping to retain approximately 5,000 jobs and to create over 1,000 new positions.

                “This past fiscal year was a very challenging one for businesses across the state, but CDA and its banking partners remained committed to providing the loans and financing packages companies needed to stay healthy and position themselves for growth,” said Marie O’Brien, president of the Connecticut Development Authority.

            The Connecticut Development Authority is a member of the state’s economic development team, stimulating investment in commercial and industrial businesses and retaining and creating jobs that contribute to the state’s economy, technology base, intellectual capital and infrastructure. To learn more about the CDA, please visit www.ctcda.com.