Berlin commercial and aerospace machining shop Amco Precision Tool Inc. has received a $2.1 million loan at favorable terms to add jobs in support of a new contract that requires it to ramp up production, Gov. Dannel P. Malloy’s office announced.
The money comes from the state Department of Economic and Community Development’s Manufacturing Assistance Act program.
DECD is charging 2 percent interest on the 10-year loan, with principal deferred for five years. The state will forgive $1.6 million of the loan if Amco retains its 34 employees and adds 25 more within six years.
The bond commission approved the loan at its November meeting.
