Malloy visits Valley company to mark state program’s success
Gov. Dannel P. Malloy visited a Valley business to mark the 1,000th company helped by the state’s Small Business Express Program (EXP).
Malloy recently was joined by state Economic Development Commissioner Catherine Smith and other state and local officials at Microboard Processing Inc. (MPI), a woman-owned small business in Seymour.
The governor said the two-year-old EXP program has helped “industries representing a cross section of Connecticut’s diverse economy do what they do best — grow, innovate and create jobs.”
For renovations and equipment
MPI received a $300,000 loan and $100,000 matching grant through EXP to make renovations, purchase equipment, and develop its advanced manufacturing capabilities in order to accommodate several new customers.
The company has committed to retaining 81 current positions at the company and creating 10 new jobs during the next year.
Serves high-tech industrial markets
Founded in 1983, MPI provides electronics manufacturing services to high-tech industrial markets around the world.
Nicole H. Russo, MPI owner and president, said the company is experiencing growth through new customers and employees.
Smith said EXP was created for companies just like MPI, which has been “making products and innovating here in Connecticut for more than 30 years and have become a global leader.”
Program targets small business
The EXP program is designed to provide small businesses with access to capital, increase skill development, and encourage private investment and hiring. Financial assistance is provided in the form of revolving loan funds, job creation incentives and matching grants.
To date, Malloy said, more than $136 million has been awarded through EXP to help 1,015 small businesses — ranging from “mom-and-pop” stores to advanced manufacturing firms — create or retain 14,014 jobs.