The state Bond Commission this week approved $7.5 million for loans and grants for companies to expand, purchase property, and hire and relocate employees to the state.
The funds, tucked into a more than $500 million general obligation bond package approved Tuesday, will go to the following area companies as part of new or existing agreements:
• SNET/Frontier Communications: A new low-interest $3 million loan will help the company with IT equipment and training expenses related to the relocation of certain functions to Connecticut. If Frontier retains 2,740 jobs and create 215 new jobs within three years, the Department of Economic and Community Development will forgive the loan.
• CareCentrix: A $2.4 million grant will act as the fourth installment of the state’s $24 million “First Five” agreement with the healthcare management provider, connected to its 2013 move from East Hartford to Hartford. Under that agreement, CareCentrix pledged to retain 213 jobs and create 290 new jobs.
• Telling Industries: The Ohio building products maker will receive a $1.5 million low-interest loan to assist with the acquisition and improvement of property in Windsor. Telling bought Kennedy Road property in June. The state will forgive half of the loan if Telling creates 40 new jobs by June 2016 and retains them for at least two years.
• CohnReznick will receive a $600,000 grant to help it fit out its Metro Center offices, where it moved last year from Glastonbury and Farmington. The funding is part of a previously announced $1.2 million state loan was tied to the move, DECD Spokesman Jim Watson said this week. Under that loan agreement, the accounting firm pledged to retain 196 jobs and create 40 more within five years. Watson said this week that the loan has since been converted to a grant that will be awarded upon creation of the jobs.
