GOV. MALLOY: CT SMALL COMPANIES DRIVE ECONOMIC GROWTH
East Hampton, East Hartford, Hartford, New Haven, Stamford Businesses Receive Small Business Express Funds
(HARTFORD, CT) - Governor Dannel P. Malloy today announced that five Connecticut small businesses in East Hampton, East Hartford, Hartford, New Haven, and Stamford have qualified for assistance through the state's Small Business Express Program (EXP). The program was created as a part of the bipartisan Jobs Bill passed during last year's jobs special session to encourage business expansion and job growth.
"The Small Business Express program recognizes the importance of small companies in Connecticut, both in their impact on the economy and their ability to push the dial on innovation and emerging technologies," Governor Malloy said. "By providing access to capital, we can help these businesses tackle the most important issue of the day - job creation."
In total, EXP will provide $100 million to help the state's small businesses hire more employees and fund capital investments. The program, administered by the Department of Economic and Community Development (DECD), offers loans and matching grants to Connecticut companies with fewer than 50 employees at the time of application.
The five businesses announced today are:
Chatham Medical Offices, LLC
of East Hampton is a minority-owned real estate services business that has received a revolving loan in the amount of $100,000. Funds will be used for fit-outs and improvements to an existing medical office building for three new tenants. Chatham will hire two new positions.
ForeSite Technologies, Inc.
of East Hartford is an information technology solutions provider that is preparing to expand. The company is investing $425,000 and will receive a loan of $250,000. The funds will be invested in computer software and equipment, training, marketing, and contractual services for technology audits, network monitoring, and network and desktop support. ForeSite will add six new jobs and retain 16 positions.
"Just last year, Foresight was named as one of America's fastest-growing, privately held companies. Now, they're investing over half a million dollars and growing their workforce by nearly 40 percent right here in East Hartford," State Senator Gary D. LeBeau (D-East Hartford, East Windsor, South Windsor, Ellington), Senate Chairman of the Commerce Committee, said. "That's a success story, and it's a success story made possible in part by a Governor and a legislature committed to saving and growing local jobs."
"I believe that this is excellent collaboration between our state government and small businesses to incentivize so they may create jobs like this," State Representative Henry Genga (D-East Hartford) said.
Reliable Electric Motors, Inc.
of Hartford services electric motors, pumps, and generators for industrial, commercial, municipal, and residential customers. Reliable is renovating its existing facility and acquiring machinery, computer hardware and software, and other equipment. The company is investing $100,000, and receiving a matching grant of $100,000 and a loan of $250,000. Reliable will retain one position and hire a new one.
"The Small Business Express Program is designed to help companies address their immediate needs, without long delays and a lot of red tape," State Senator John Fonfara (D- Hartford, Wethersfield) said. "With the support of this program, Reliable Electric Motors, which has been in business since 1936, will continue to have a strong presence in the City of Hartford. I thank Governor Malloy for his support of this longstanding South End business."
Globele Energy, LLC
of New Haven is an energy consulting firm that assists businesses with energy procurement, generation, and conservation. Globele is investing $412,500 of company funds, and will receive a matching grant of $100,000 and a loan of $200,000 to make leasehold improvements, purchase computer software and equipment, and conduct advertising and marketing. The company will retain three and hire three new employees.
"This Small Business Express grant and loan to New Haven's Globele Energy meets every expectation for the program as it fortifies a small business, helps retains and adds jobs in our city, and moves Connecticut toward greater energy efficiency and alternative energy sources," State Senator Toni N. Harp (D-New Haven) said. "Here's one more local example of a productive collaboration between public sector resources and private sector ingenuity."
"I'm thankful that Governor Malloy recognizes the importance of supporting one of our local businesses in New Haven by allocating funding that will help them expand their growth potential," State Representative Juan Candelaria (D-New Haven) said. "This investment is a welcome boost to our local economy and a good foundation upon which to keep growing jobs."
Outfox Solutions, Inc.
of Stamford provides consulting and software services to the food service industry. In addition to the company's investment of $118,800 of its own funds to be used for marketing, training, and office equipment to introduce a new product line and expand their customer base, the company is receiving a grant of $38,750 and a revolving loan of $73,850. Outfox will retain three and hire two new jobs.
State Senator Carlo Leone (D-Stamford, Darien) said, "Outfox Solutions is a local software firm that helps other companies save money on their inventory and purchasing. When one small business grows, so does another. I am glad the state will be helping Outfox to expand and hire new employees. That bodes well for Stamford's economy, continuing a recent trend of positive economic news. I thank Governor Malloy for supporting this Stamford business."
"It is really great to see another company right here in our community expanding and growing with the support of the state," said State Representative Gerald Fox, III (D-Stamford). "These economic assistance packages support job creation for small businesses and are solid long-term investments in our economy."
For Immediate Release: June 14, 2012
Contact: Jim Watson
Connecticut Department of Economic and Community Development
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