Neeltran, a maker of custom transformers and power systems in New Milford, will receive a $750,000 loan from the state Department of Economic and Community Development for a renovation and 6,000-square-foot addition that's expected to lead to 10 new jobs.
The company, which has 119 jobs, will borrow the money at 2 percent interest, and $150,000 of the loan will be converted to a gift if it meets its hiring and retention goals.
The expansion project is going to cost $1.75 million — the other million dollars will be partly from company cash and partly from private borrowing.
"The state and local governments have been instrumental in assisting Neeltran in its growth," said Neeltran President and COO Antonio Capanna Jr. in a press release put out by the governor's office. "Neeltran employs a very talented Connecticut work force and this loan will allow sales expansion in our North American territory and expand global exports."
"This is a great example of the public-private partnership at work. DECD partners with a business and its bank, fills in the investment gap, and spurs economic development by getting a project off the ground," DECD Commissioner Catherine Smith said.