State OKs $56.8M to help companies expanding and relocating to Connecticut
The State Bond Commission has approved $56.8 million in loans and grants to assist businesses in expanding and relocating to Connecticut. The funding will leverage $173.1 million of investments in private-sector company funds, according to Gov. Dannel Malloy.
The 13 funded companies, which include several in Fairfield County, have committed to growing 1,594 new jobs and retaining 2,949 employees across the state, Malloy said. The Bond Commission approved a total of $41.3 million in loans and $15.5 million in grants
Among companies based in Fairfield County, Terex Corp. will receive a $1.5 million grant to assist with a $5.5-million leasehold improvements project at its Westport headquarters. The heavy equipment manufacturer will retain 140 jobs and create 30 jobs within four years.
In Greenwich, XPO Logistics Inc. will receive a $2.7 million loan to support its $5.5 million in improvements and equipment purchases at its 5 American Lane facility. The company will retain 23 jobs and create up to 30 jobs.
In Stamford, Henkel of America”™s $50.27 million relocation of its laundry and home care unit from Arizona will be supported by a $10 million state loan. The consumer products company agreed to retain 678 jobs and create 266 jobs within three years. Henkel will receive a total of $20 million in loans in installments through Malloy”™s First Five Plus Program.
Also in Stamford, Indeed Inc. will receive a $7 million loan from the state to assist with leasehold improvements and equipment in a $26.5 million expansion project. The online job search company will retain 700 jobs and create 500 jobs within nine years.
Women”™s Integrated Network Inc., a medical services company, will receive a $1.75 million grant to assist with equipment, software, marketing and research and development associated with its relocation from White Plains to Greenwich. The relocation project will cost $6.8 million. The company will initially create 58 jobs and create up to 46 additional jobs within five years.
RSM US LLP, a middle-market audit, tax and consulting firm headquartered in Chicago, will receive a $1 million grant to support its $5.87 million office expansion project in Stamford. The company will retain 254 jobs and create 54 jobs within four years.
In Norwalk, Xerox Corp. will receive a $4.4 million loan to assist with project costs for its newly leased headquarters in Merritt 7 Corporate Park. The digital printing and document services company will invest $4.9 million in the project and has pledged to retain 150 jobs and create 40 jobs within four years.
“The business community sees great value in what our state has to offer and the investments they are making to grow their businesses here are a testament to their belief in the many advantages of doing business in Connecticut,” said state Department of Economic and Community Development Commissioner Catherine Smith. “Further, our economic development tools, tailor-made for each company, provide not only capital to help spur the growth, but also favorable returns to the state.”