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State Borrows To Lend $9.5 Million to Three Businesses

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The Connecticut Bond Commission authorized state borrowing of $9.5 million, which will be lent to a manufacturer, a kitchen cabinetmaker/installer and an investment research firm at subsidized rates. The 10- to 12-year loans will be partially forgivable if companies meet their employment growth targets.

Hedgeye Risk Management LLC, headquartered in New Haven, where it has 27 workers, but also with a New York office with 25 workers, will consolidate in Stamford. It plans to spend $5,057,000 on offices there, and the state will lend $2.5 million of that amount at 2 percent. Half of that loan would be forgiven if the company adds 120 jobs. It is advertising for software engineers and a retail analyst in New Haven.

Express Countertops, Kitchens and Flooring LLC, of Hartford, will borrow $2 million to buy inventory, machinery and equipment at 3 percent, over 12 years. It will invest $425,000 of its own funds in the project, which includes an improvement to its warehouse. The company has 38 employees, and if it adds 50 jobs by 2016, it can reduce the principal by $750,000. It is advertising for a $40,000 a year project manager job.

APS Technology, a Wallingford manufacturer, will borrow $5 million at 4 percent over 10 years to buy machinery and fund product engineering. APS makes products used in oil and gas drilling, and expanded sales in China after the governor’s trade mission there.

APS has 155 workers in Connecticut, and plans to hire 128 workers over the next three years. If it meets that target, it could have $2 million of its $5 million loan forgiven. The total investment is expected to cost $10 million, with $2.5 lent by a bank, and another $2.5 million spent from the company’s own funds.

It is currently advertising for 14 jobs, including an electronics technician, a CNC machinist, a shop foreman, quality assurance inspectors, an assembly supervisor, mechanical and electrical engineers, a project manager, and a human resources generalist.

All three loan packages were arranged through the Department of Economic and Community Development. The borrowing was approved Friday.