The State Bond Commission will consider giving a $3 million loan to Cannondale Sports Unlimited to help the bicycle manufacturer establish a new headquarters in Wilton and add 75 jobs, authorities say.
If approved by the commission, the state Department of Economic and Community Develop will provide Cannondale with a 10-year, $3 million at a rate of 2 percent, with $2 million forgivable if the company adds 75 employees in four years, according to an announcement from Gov. Dannel Malloy.
Cannondale, which currently has 143 employees, will use the money to purchase office and IT equipment and to train workers.
The company, formerly Dorel Recreational/Leisure, outgrew its Bethel headquarters and expects to move into Wilton this fall. Cannondale is a subsidiary of Dorel Industries of Quebec, which has annual sales of $2.5 billion and 5,400 employees in 24 countries.
