CT loans $400K to New Haven manufacturer
(1/21/2011) (From Hartford Business Journal)
The Connecticut Development Authority has approved a $400,000 loan for New Haven manufacturer Schulz Electric Co. to expand and improve its repair facility and add jobs, authorities say.
Schulz, in business in Connecticut for 84 years, manufactures, repairs and services electric motors, generators and controls. It is one of the few U.S. companies approved to work on nuclear-related safety equipment.
The company employs 52 people and says it will have an additional 24 in the next few years. The company also has facilities in Maine, New Jersey and Massachusetts
"This is a win-win situation for Schulz Electric and for jobs in Connecticut," Schulz CEO Bob Davis said in a statement.
The loan enables Schulz to complete a 3,600-square-foot expansion of its New Haven facility. This is the fourth CDA assistance for Schulz: It got $2 million in bonds in 1985; $1.2 million in bonds in 1986; and a $200,000 loan in 1994.
On Thursday, Gov. Dan Malloy announced a $800,000 loan to Shelton manufacturer Inline Plastics Corp. to install new machinery and add 18 jobs.
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