January 18, 2012

GOV. MALLOY: FIRST COMPANY FUNDED BY SMALL BUSINESS EXPRESS PROGRAM TO DOUBLE ITS WORKFORCE

Says "Small Businesses are Critical to Reinventing Connecticut"

(HARTFORD, CT) - Governor Dannel P. Malloy today announced that the first company to be funded by the state's new Small Business Express Program (EXP) - South Windsor-based Oxford Performance Materials, LLC - will allow the company to double its workforce by adding 12 positions.

Oxford Performance Materials (OPM), a biomedical company that produces plastic medical implant devices, recently moved into a newly leased facility with space for polymer processing and additional fabrication technologies in South Windsor. State funding will be used to make facility improvements and purchase machinery and equipment.

"Small businesses are critical to reinventing Connecticut," said Governor Malloy. "Little by little, we must harness the can-do attitude of our state's small companies, so that their success will spur our state's recovery. It was with this in mind that we created the Small Business Express Program. When our small businesses succeed, Connecticut wins."

"We are delighted that OPM has been the first company selected to receive program funding from Department of Economic and Community Development. This project is critical to our success and has resulted in immediate hirings by the company. We are confident that OPM's advanced technology and international business activities will culminate in additional manufacturing jobs and innovative medical technologies to improve human health," said Scott DeFelice, President of OPM.

EXP provides $100 million to help Connecticut's small businesses access much-needed funding for capital investments and hiring. The program, administered by the Department of Economic and Community Development (DECD), offers loans and grants to Connecticut companies with less than 50 employees.

DECD is providing a $200,000 loan at a rate of 2.5% for a term of 5 years and a grant of $100,000 to support OPM's $1.8 million expansion project.

"This project illustrates the importance of our newest economic development programs and the access to capital that they provide," DECD Commissioner Catherine Smith said. "The more small businesses that know about these programs and get the critical funding they need, the quicker Connecticut will recover from the economic downturn. It's companies like OPM that will drive investment and job creation in the coming years."

For more information or to apply for the program, click on EXP or contact Michelle Lugo at DECD by phone (860-270-8052) or e-mail Michelle.Lugo@ct.gov .

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For Immediate Release: January 18, 2012

Contact: Andrew Doba

Andrew.Doba@ct.gov

860-524-7308 (office)
860-770-8090 (cell)

Twitter: @GovMalloyOffice

Facebook: Office of Governor Dannel P. Malloy