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May 2005 — Vol. 83, No. 4

State creates $1 million fund to help small manufacturers keep and create jobs

 

The state Bond Commission in March approved $1 million to help small manufacturers in Connecticut keep jobs and create new ones. The money will be used to create the Small Manufacturers Competitiveness Fund.

The fund will offer loans and other assistance to help small manufacturers remain or become competitive when faced with challenges from foreign and out-of-state manufacturers.

“This fund will help our small businesses — the key to existing jobs in Connecticut and the spark for growth in the future — fight for every contract, every deal and every opportunity they can,” said Governor M. Jodi Rell in announcing the new fund. “Our manufacturers can quickly get small loans to use for working capital, inventory, machinery and equipment, or to get the technical assistance they may need — anything that will help them become more competitive and keep or grow jobs.”

The fund will be administered by the Department of Economic and Community Development (DECD). Loans and other assistance will not have to be approved individually through the Bond Commission. For more information, contact the DECD at 860-270-8000.

 

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