GOV. MALLOY: SMALL BUSINESS EXPRESS PROGRAM IS HELPING CONNECTICUT BUSINESSES GROW
Small Businesses in Plymouth, Milford, Prospect, Waterbury, West Hartford Receiving Funds
(HARTFORD, CT) - Governor Dannel P. Malloy today announced five Connecticut small businesses are receiving 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.
"We are making important changes to how we do business, both within state government and how government partners with Connecticut companies," said Governor Malloy. "The Connecticut economy is growing faster than that of 41 other states-and EXP an important tool to help continue this momentum. When small businesses expand, hire workers, and add their expertise to our statewide portfolio, the entire state benefits."
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 100 employees at the time of application.
The businesses announced today are:
Lightning PC, Inc.
, of Prospect, is a full service IT firm investing $103,000 and receiving a matching grant of $100,000 to expand its facility and marketing efforts. Lightning provides network and integration services, Web design, computer support, and computer repair. The company will add two positions.
, of Milford develops, manufactures, and sells material handling equipment for warehouses, automotive garages, and home workshops. Outbound is investing $229,100 to design, prototype, and build production tooling, and develop marketing for new materials and product line. The company is receiving a loan for $250,000. Outbound will retain three and create 10 jobs.
Precision Dip Coating, LLC
, of Waterbury is investing $149,695, and receiving a matching grant of $100,000. The company is moving to a new facility in Waterbury, and will more than double its current size to accommodate recent and anticipated growth. The money will fund leasehold improvements, machinery and equipment, and relocation costs. Precision Dip will retain eight positions and hire two.
"This is great news for Waterbury as this grant will ease the relocation of this company to the city," State Representative Jeff Berger (D-Waterbury) said. "This business will keep a sizeable property on the active grand list in addition to bringing jobs to the city. I thank Governor Malloy for his continued support of small business."
Vellrath Engineering, LLC
of Plymouth, known for spray-applied, fire-resistant materials, has developed an affordable, easy to mix, fire resistant material for the consumer market. The company is combining a $100,000 matching grant with company funds of $120,000 for product testing, machinery and equipment, inventory, and marketing. Vellrath is retaining one position and hiring another.
"We owe it to the people of Connecticut to do everything we can to improve our business environment," State Senator Jason Welch (R-Bristol) said. "The Small Business Express program has been embraced by area businesses, and we are seeing it pay off for companies right here in greater Bristol. The program focuses on goals we all share: job growth and job retention."
"It is businesses like Vellrath Engineering that are keeping Connecticut's economy running and will lead our state toward meaningful recovery," State Representative Whit Betts (R-Bristol, Plymouth, Terryville) said. "Retaining and growing jobs in Connecticut is a priority for all of us and I am happy to see such a well-run company receiving support from the state."
West Hartford Deli, Inc.
is converting its business into a full-service, mid-priced, bar and restaurant. The company is investing $180,000 and receiving a matching grant of $47,500 for leasehold improvements, machinery and equipment, and training. West Hartford Deli will retain six and hire five new positions.
"I've eaten at Reuben's Deli, and I know they've wanted to expand for some time," State Senator Beth Bye (D-West Hartford) said. "To see the state support the purchase of new equipment and training, and to help Reuben's double their staff size - it's very satisfying. This EXP program proposed by the Governor and approved by the legislature has proven itself time and again to be a real local jobs-creator."
For Immediate Release: June 20, 2012
Contact: Jim Watson
Connecticut Department of Economic and Community Development
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