Gov. Malloy: EXP has Helped New London Technology Services Firm Significantly Increase Revenue and Grow Jobs
(NEW LONDON, CT) - Governor Dannel P. Malloy today visited Connecticut-based electronic discovery and forensic technology services provider Quantum Discovery, LLC (QDiscovery) to highlight the state's Small Business Express Program (EXP) and meet with employees. In 2012, QDiscovery participated in EXP and, as a result, was able to grow its revenue significantly and create nearly two dozen new jobs for Connecticut residents. In just over two years since its implementation, Governor Malloy's signature job creation program, EXP, has helped more than 1,000 small businesses around the state access capital and create or retain nearly 14,500 jobs over the next several years.
"QDiscovery is a great EXP success story and proof that the economic development tools we have put into place are doing exactly what they were designed to do. In the two years since receiving state funding, this company has more than tripled their revenue, exceeded their employment target and paid their loan back in full," said Governor Malloy. "EXP has proven to be so effective and popular that I have introduced legislation this session to expand and continue funding the program so we can help even more small businesses grow and create jobs."
In July 2012, the Connecticut Department of Economic and Community Development (DECD), which administers EXP, approved a $100,000 low-interest loan and a $100,000 matching grant under the condition that QDiscovery create nine new full-time jobs within 18 months. QDiscovery has since hired 23 new employees and, as of May 2013, has paid back the entirety of their EXP loan.
"The Small Business Express Program has significantly helped me to not only grow my business, but also position it for future success," said Matt McCormack, CEO of QDiscovery. "Now, we have firmly established QDiscovery as a valuable asset to clients that include both Fortune 500 corporations and AmLaw 200 law firms. We're excited to welcome the governor and share the benefits we've recognized as a result of the program."
Last month, EXP reached a milestone when the 1,000th Connecticut small business received assistance through the program. Since being created in 2011 as part of a bipartisan jobs bill, EXP has extended a helping hand to 1,035 companies around the state that, in turn, are creating or retaining nearly 14,500 jobs for Connecticut residents.
"EXP has been an asset to companies across the state, helping them expand and create good-paying jobs," said State Senator Andrea Stillman (D-Waterford). "I'm thrilled that the governor has chosen to highlight one of the success stories in our own backyard. QDiscovery is a thriving local business, and I hope more small business owners will follow Matt McCormack's example and take advantage of the assistance EXP can offer them."
"I am pleased QDiscovery, a small company in our own backyard, is such a success story and an example of what the Small Business Express Program has done for them," said State Rep. Ernest Hewett (D-39). "This showcases the full benefits and intent of the initiative to help small businesses grow and provide much needed jobs in our area. I am glad Governor Malloy has prioritized and allocated additional funds to this successful program this session - it will help us continue to strengthen the economic base of our state."
"Connecticut's Small Business Express Program continues to boost job creation in our state and locally by helping businesses like QDiscovery," said State Rep. Elissa Wright (D-41 ). "I appreciate Governor Malloy's visit to highlight the importance of the program that deserves to be expanded and funded to further benefit even more small businesses."
QDiscovery LLC is a premier provider of electronic discovery and forensic technology services. Our dedicated team of highly experienced employees has had great success servicing Fortune 500 corporations and law firms. We maintain a high level of experienced staff and a dedication to meeting our clients' needs. Our foremost focus is to provide clients with great customer service and cost-effective solutions.